Japanese telecommunications giant SoftBank, the parent company of U.S. national wireless carrier Sprint, confirmed the formation of a joint venture with Australian infrastructure firm Lendlease Group that aims to acquire or manage at least $5 billion in U.S. wireless tower and related infrastructure assets “over the medium term.”

In the words of a news release issued Tuesday, the joint venture, to be known as Lendlease Towers, “will focus on partnering with major U.S. carriers to roll out further phases of their infrastructure plans to meet growing demand for data.” The companies also stated that the venture aims to create “a geographically diverse portfolio of rooftop and tower assets through both a development and an acquisition-based strategy.” Initially, most of these infrastructure assets will be sourced by Sprint which has agreed to shift leases for its network of wireless rooftop transmitters and other transmission facilities to the Lendlease Towers venture. A Sprint spokesman told reporters that the arrangement is expected to facilitate the carrier’s ongoing effort to cut long-term costs. Officials of Softbank and Lendlease also confirmed the companies have together committed an initial $400 million in equity which will be used “to fund the acquisition and strategic restructure of approximately 8,000 existing telecom sites, including rooftops and other structures, across the United States.”

Softbank is allocating funds to the venture directly and not through the $100 billion Vision Fund established earlier this year by Softbank Chairman Masayoshi Son for the purpose of investing in tech start-ups throughout the U.S. and other international markets. Affirming that the U.S. wireless sector “continues to experience unprecedented growth in data usage as the world moves to becoming more connected,” Denis Hickey, the CEO of Lendlease Americas, proclaimed that his company “has a long-standing relationship with Softbank . . . and we are excited to be partnering with them on this new initiative in the United States.”