Dexus and CBus Property partner in property development

Dexus Property Group and CBus Property, the property fund for the Building Industry Super Fund, will partner in the development of a six-star office tower in Sydney. CBus has acquired a one-third interest in the property.

CBus has acquired one-third of the development costs incurred so far, and will continue to develop the property on the same cost and risk basis as Dexus and the Dexus Wholesale Property Fund. The venture provides a provision for CBus to make a deferred performance-based payment to Dexus on the completion of the development.

Adrian Pozzo, the chief executive of CBus, said the joint venture would establish their presence in the Sydney market and provide CBus with another investment complementing new office towers in Melbourne and Perth.

The development will provide 3,000 jobs over the next three years for construction workers.

The development is anchored by Clayton Utz.