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The Federal Government will pay $13.6bn to NHA Tran Group, the Malaysian holding company that bought an 80-acre site in the eastern suburbs of Sydney’s central business district.
It will pay the company $2.2bn in debt and another $3.3bn in cash.
The deal is subject to a $1.2 billion public tender for land.
The Government is to provide $2bn of funding for NHA to buy the property.
NHA is the biggest Malaysian real estate developer, with more than 1,000 properties across the country.
Mr Turnbull said the Government had been working with NHA for over a decade to find a way to fund NHA’s purchase of the property, which was developed in the late 1980s.
«We’re committed to building a strong foundation for growth and innovation in Australia’s capital markets,» Mr Turnbull told reporters in Canberra.
Nha’s share price fell in the days after the announcement.
The company had not responded to requests for comment.
Nhan Tran’s purchase is the latest in a series of acquisitions of property in Sydney and Melbourne, which have been made over the past decade or so.
The property has been redeveloped in recent years and the company has sold two apartment buildings.
Nhtas shares fell as much as 15 per cent to $8.50 on Friday.
They rose again to $10.10 on the Australian dollar, the highest since November 2013.
Mr Tran will also have to pay a $12 billion debt in the public tender, with another $2 billion in cash, according to the Department of Finance.
The land will be developed by the NHA Group and developed as a luxury residential development, which will involve public access and other amenities, including a golf course, a swimming pool, gym and leisure facilities, the Government said in a statement.
Nhua Tran owns land in the Eastern Suburbs, in Sydney’s western suburbs.
The building will be located in a site previously developed by NHA, which is also owned by a Singapore-based company, Singapore Properties.
Nhia Tran was also the largest owner of properties in Sydney, with properties in the central business area including the Central Business District, the CBD and the CBD South.
NHTAS was formed in 2002, and has developed about 20,000 square metres of land across the metropolitan area.
Mr Morrison said the deal was «the first major Australian real estate transaction of recent years».