Property management firm Daibiru opens Australia unit for overseas expansion

27, Feb. 2020

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SYDNEY, NNA – Japanese property investor-manager Daibiru Corp. has recently opened an Australian unit in Sydney as part of its overseas business expansion.

The new unit, called Daibiru Australia Pty. Ltd., is located in Sydney and follows the opening of a similar presence in Vietnam eight years ago.

Daibiru Australia is set to manage an office building at 275 George Street in Sydney once construction finishes within this year, Hiroshi Kumada, managing director of the unit, told NNA on Tuesday.

The 15-story office tower with three basement floors for commercial use will operate in Sydney’s central business district with total rental space of 7,274 square meters, Daibiru said in a statement in late December.

The Osaka-based firm acquired the property for 240 million Australian dollars ($157 million) in 2018 from local contractor John Holland Group Pty. Ltd. China Communications Construction Company International Holding Ltd. bought the contractor in 2015.

The Sydney unit will look for potential investments in other Australian cities, such as Melbourne, as well, the statement said.

Daibiru owns and manages an office building in Hanoi and another in Ho Chi Minh City.

The company has earmarked 40 billion yen ($363 million) for investments abroad through March 2023.