The world’s tallest timber tower will rise with Lendlease backing, with the development arm now working with Merricks Capital on Milligan’s new 55-storey ‘Halo’ $1.8b development, set to transform downtown Sydney.

It came just days after the construction giant revealed that it was cutting its US and UK assets loose, releasing AU $4.5 billion worth of capital into the Australian marketplace – with the Milligan project billed as one of its prime projects. Already, the giant has sold a portion of its US operations to Consilgi, which will take over 45 projects on the East Coast.

The deal, confirmed yesterday during a presentation to investors, will see Lendlease take exclusivity over the site, subject to a due diligence period. Lendlease is now busy locking in capital partners before selecting a builder for the main works.

As reported by News Corporation, Cushman & Wakefield and JLL have been drafted to advise on a forward sale transaction aimed at locking in local and offshore partners.

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