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