by Larry Schlesinger
Minderoo Group has come on board as the project’s capital partner in a 50-50 joint venture with the estate’s developers Linc Property, East Coast-based Gibb Group and Fini Group, the private investment company of Perth developer Adrian Fini.
The planned development budget is between $350 million and $400 million on top of about $120 million already spent by developer Linc Group to acquire the amalgamated site from more than two dozen landowners in 2017.
John Hartman, Minderoo Group chief investment officer, said the investment in the new estate was part of broader plans by the Forrests to diversify beyond mining with property development a big part of this strategy alongside agriculture and energy.
