By Stuart Condie
SYDNEY--Dexus said it will fund, develop and take a long-term equity interest in Atlassian Corp.'s flagship Sydney headquarters.
The ASX-listed real-estate group on Tuesday estimated that the project will cost 1.4 billion Australian dollars (US$1.03 billion). It expects construction to begin in early 2022 and to finish in early 2026.
Dexus said it will fund the development through debt facilities but may look for third-party capital as well. The development will have no impact on its FY 2022 adjusted funds from operations or distribution per security, it said.
Nasdaq-listed Atlassian will move its Sydney headquarters to the property on a 15-year lease, Dexus said.
Dexus said the 40-story, hybrid timber tower adjacent to Sydney's main rail hub is targeting Australia's highest energy-efficiency and sustainability ratings. It will also feature retail space and youth hostel accommodation.
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(END) Dow Jones Newswires