Brisbane, 13 August 2021: One of Japan's largest and most successful property developers, Mitsubishi Estate, has again engaged Clayton Utz to represent its interests in the landmark Lendlease One Sydney Harbour residential project in Barangaroo, Sydney.
A Clayton Utz team led by partner and Japanese bengoshi, Hiroyuki Kano, advised Mitsubishi Estate on acquiring a 25 per cent stake in the One Sydney Harbour Residences Two (OSH R2). The transaction settled on 29 June 2021.
This follows Mitsubishi Estate having acquired a 25 per cent stake in the One Sydney Harbour Residences One Project (OSH R1) in July 2020, on which Clayton Utz also advised.
On this latest transaction, Hiroyuki led a team that included partners Kathy Santikos (Banking), Lina Fischer (Major Projects), Carrie Rogers (Real Estate) and Claire Smith (Environment and Planning), together with special counsels Clayton Barrett, Tania Chahine and Kate Thomas, senior associates Lauren Smith, Lance Bode and Tanvir Ahmed, lawyer Shaun Chng and law clerk, Daisuke Takagi, who is a Japanese qualified lawyer.
Commenting on the firm's role, Hiroyuki said: "We are very pleased to have helped our client Mitsubishi Estate to successfully secure another stake in One Sydney Harbour, one of the largest and most complicated residential apartment development projects ever undertaken in Australia."
The transaction demonstrates that, notwithstanding the current global economic conditions and the recent reform of the Australian foreign investment regulations which came into effect in January 2021, there continues to be strong appetite from Japanese investors for Australian assets, particularly high-value, prime projects.