AMP Capital has begun constructing the landmark Quay Quarter Tower in downtown Sydney after locking in investment into one third of the $2.7 billion project from super fund Rest.

Multiplex will build the 50-storey tower, nudging out Lendlease for the job.

Rest will take a $900 million stake in the tower on its completion, due in late 2021. Its co-investors are AMP Capital Diversified Property Fund and AMP Capital Wholesale Office Fund.

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