Mitsubishi’s inking of a long-discussed “trophy” deal with Lendlease to take a two-thirds stake in the $3 billion One Circular Quay project follows the resumption of high-level business travel between the two countries and other transactions frozen by pandemic restrictions will follow.

New Japanese investments in Australia fell during the pandemic because travel restrictions made it impossible for decision-makers to visit and inspect assets, but the $800 million purchase by Mitsubishi Estate and Lendlease of the two-tower project showed deal flows were resuming, said Herbert Smith Freehills partner Ian Williams.