Oxford Properties sells Barangaroo Central to Aqualand
Canadian development giant Oxford Properties is set to sell its development stake in Sydney's Barangaroo Central project to Aqualand.
According to the Australian Financial Review, Aqualand has closed a "provisional agreement" with Oxford Properties for an undisclosed sum.
Aqualand are also set to take over construction on the 5.2 hectare site.
Oxford had joined the consortium last year, securing the right to Grocon's office development rights in the $2 billion project.
Oxford, led by US-based Hines Real Estate, paid around $100 million to secure the office development rights over which Grocon had control.
It was last November when Grocon was awarded the conjunctional development rights to the $2 billion Barangaroo Central development.
Grocon, led by property scion Daniel Grollo, joined with Scentre, who are overseeing the development of the shopping centre, and Aqualand, in the winning consortium.
Financial pressures continued to press on Grocon who earlier this year sold their final development rights to Aqualand.
