F&N: Property unit, Frasers Centrepoint, has entered into a 50:50 jv with Sekisui House Aus to develop Sydney's $2.6b Central Park project. Frasers' Australian subsidiary will develop the majority of the 5.8 ha site with the leading Japanese developer…..
Nomura highlights that the transaction will crystallise the value of the land for F&N and estimate F&N could realise a gain of $52m from this transaction. Project will be developed in stages in 8-10 yrs with the main park scheduled for completion in Dec'11.
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