Odakyu Electric Railway Co., Ltd. through its local subsidiary Odakyu Australia Pty. Ltd., announced on Friday 27 October 2023 that it has agreed with Mitsubishi Estate Group company MEC Global Partners Asia (Head Office: Singapore, \"MECGPAsia\") and Ashe Morgan Investments, an Australian real estate management company, to jointly invest in a large complex in Sydney, CBD.
The property acquired, 60 Margaret Street (built in 1980, 36 storeys), is a large office/commercial complex located on George Street. It is home to major corporations and brand shops and enjoys direct underground access to Wynyard Station.
The property consisting of Approximately 4,464sqm with
Office: approx. 40,772 sqm & Retail: approx. 6,407 sqm) over 36 floors
In addition to generating stable rental income, Odakyu Group plans to further enhance the property\'s value through this investment by refurbishing the exterior walls of the commercial section of the building, adding new tenancy floor areas, and renovating the office lobby.
Under its management vision \"UPDATE Odakyu-Becoming a Community-Based Value Creation Company ", Odakyu Group is committed to creating value along the Odakyu Railway Lines and in the surrounding Tokyo suburban areas while focusing on ESG.
In the real estate business, in addition to the initiatives around the Odakyu Railway Lines, Odakyu Group aims to expand its business in Australia, where stable economic growth is expected.
Odakyu Group has been carrying out residential land development projects in the suburbs of Sydney since 2018. Odakyu Group will further develop its real estate operations in Australia, while applying the operational strategy “Enhance Community-Based Value” cultivated in Japan to our overseas business.