The acquisition is a key part of Arada's strategy to establish a global presence.
The new phase will comprise two commercial towers with various amenities.
Community consultation and stakeholder engagement are due later this year to further refine the plans.
The municipalities of Ålesund and Sula have chosen Veidekke for the development of the treatment plant.
Four TBMs will be launched from Clarinda, with two digging towards Glen Waverley and two towards Cheltenham.
The deal represents Murphy's latest move in its international expansion.
