Leighton Properties and The Carlyle Group announce joint venture partnership and acquire Mosaic site

Shane Foley 30 Jan 2012

Leighton Properties’ Mosaic development has achieved a number of milestones recently, with the Company announcing it has entered into a 50/50 joint venture on Mosaic with global alternative asset management firm, The Carlyle Group and has acquired the 3,752 square metre site from the Brisbane Housing Company.

Queensland-based builder, Matrix Projects, has been awarded the construction contract and work on the mixed-used precinct will commence on site at the end of January.

Located on the corner of East, Church and Ann Streets in Fortitude Valley, the $150 million Mosaic precinct will feature an 18-storey residential tower comprising 212 apartments, more than 3,500 square metres of retail and commercial space and a proposed 48-room boutique hotel.

Mark Gray, Managing Director of Leighton Properties, said the market has responded strongly to Mosaic’s mixed-use offering.

“The majority of residential apartments and commercial space at Mosaic have already been pre-sold,” Mr Gray said.

The hotel has been purchased by a private investor with a national portfolio, including investments in a variety of hospitality assets.

Silverneedle Hospitality, which recently acquired Constellation Hotels, said it is excited by the opportunity to operate the hotel under its boutique brand Grand Chifley, with the hotel being a significant new addition to the company’s rapidly growing Asia/Pacific network.

Mr Gray said the joint venture partnership demonstrates investor confidence in the mixed-used precinct development and reflects the underlying strength of Brisbane’s residential sector.

“Leighton Properties has had a significant role in the revitalisation of Fortitude Valley and Mosaic will be our fifth tower development in the area over the past five years – now representing a total investment of more than $750 million,” Mr Gray said.

“These projects include the award-winning Green Square North and Green Square South commercial towers on St Paul’s Terrace, and the mixed-use HQ North and HQ South Towers on Wickham Street.

“Our joint venture with The Carlyle Group is in line with Leighton Properties’ strategy to deliver projects in partnership with reputable blue-chip investors, enabling us to continue to grow and diversify our national pipeline of projects and respond quickly to new opportunities.”

Jason Lee, Managing Director and Head of Asia Real Estate for The Carlyle Group, said the Group had been investigating opportunities to enter the Australian market.

“Mosaic presents an attractive investment proposition, developed by one of Australia’s largest and most experienced developers in partnership with one of the world’s largest fund managers,” Mr Lee said.

“Leighton Properties has a long and successful track record of delivering premium mixed-use precincts and we anticipate the partnership will present future investment opportunities in the Australian market.”

Mosaic’s residential tower comprises a broad range of spacious open plan apartments, including 21 different one-bedroom, one-bedroom plus study and two-bedroom configurations starting from $357,000. The next release of apartments is planned for later in the first half of 2012.

Residents will also have exclusive access to a 600 square metre rooftop garden and barbecue and entertainment area featuring 270 degree views of Brisbane’s skyline, sweeping north to Ascot, Hamilton and beyond to the Sir Leo Hielscher Bridges.

The release of Stage 2 of the development is now underway. Completion and settlements are anticipated to commence during Q1 2014.

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