Canada's Oxford Properties secures Grocon's Barangaroo Central project equity

Canada's Oxford Properties secures Grocon's Barangaroo Central project equity
Canada's Oxford Properties secures Grocon's Barangaroo Central project equity

Canada's Oxford Properties has won the rights to Grocon's development stake in the $2 billion Barangaroo Central project.

Oxford, led by US-based Hines Real Estate, will make a payment of about $100 million to secure the development rights over which Grocon has control.

The deal sees Grocon stay on as the project development manager.
 

Grocon had been reportedly under pressure to secure investors for its portion of the project – an office tower of up to 50,000 square metres – before its line of credit runs out in September.

Last November Grocon was awarded the conjunctional development rights to the $2 billion Barangaroo Central development.

Grocon, led by property scion Daniel Grollo, joined with Scentre and Aqualand in the winning consortium.
 
The project which sits adjacent to Crown Resorts casino. A buy-out of Grocon's stake by its own consortium partner is under consideration, sources said. 

Oxford Properties is the real estate investment arm of OMERS, one of Canada's largest defined benefit pension plans.

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Grocon Barangaroo

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