Allens has advised one of Malaysia's leading property developers, PJ Development Holdings Berhad, a subsidiary of OSK Holdings Berhad, on the investment by a subsidiary of the Employees Provident Fund (EPF) of Malaysia in a 49 per cent interest in a joint venture between the parties.
The $154 million investment will pave the way for the development of the $2.8 billion mixed-used Melbourne Square project which will consist of residential apartments, a retail mall, an office tower and a hotel/serviced apartments in Kavanagh Street, Southbank, Melbourne.
Corporate Partner Mark Malinas and Managing Associate Jessica Choong led the Allens team on the transaction.
'We were pleased to assist PJ Development Holdings Berhad in partnering with the Employees Provident Fund of Malaysia to deliver such an exciting and transformative project to Melbourne's premium Southbank location.
The entry into the joint venture demonstrates the continued interest by Asian foreign investors in Australian real estate assets,' Mark said.
Upon its completion, the Melbourne Square project will be one of the largest single development projects in Victoria's history
Allens legal team
Corporate: Mark Malinas, Partner; Jessica Choong, Managing Associate and Annie Zheng, Associate
Tax: Martin Fry, Partner; Jennee Chan, Senior Tax Counsel and Scott Lang, Senior Associate.
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Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.