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Dubai group Nakheel quits Barangaroo project

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  • Dubai group Nakheel quits Barangaroo project

    THE Dubai ruling family-owned developer Nakheel has pulled out of a consortium that submitted its plans to the NSW Government yesterday for the $2.6billion Barangaroo urban regeneration project on the edge of the Sydney CBD.

    Nakheel, which was part of a consortium with Leighton Holdings, Macquarie Capital Group and Mirvac, known as the Sydney IFC consortium, has withdrawn to concentrate on its local market.

    Two other consortiums - Lend Lease with Westpac and Brookfield Multiplex - also submitted their proposals for the 22ha site to meet yesterday's closing deadline.

    Source: http://www.theaustralian.news.com.au...rom=public_rss

    Also watch "Dubai Real Estate Bubble has Burst" video report - click here...

    Jenny
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