Ivanhoé Cambridge makes first direct investment in Australia
Ivanhoé Cambridge has acquired a 25 per cent interest in Liberty Place, a core office property in Sydney, Australia. Blackstone Property Partners Asia partnered on the purchase from Lasalle Investment Management, for a total investment of AUD240 million.
Completed in 2013, Liberty Place is a 42-storey office tower complex that is 97 per cent leased. Located at 161 Castlereagh through 242 Pitt Street, in the heart of Sydney’s Midtown, the property features 647,729 ft2 (60,176 m2) of office space and 47,630 sq ft (4,425 sq m) of retail area.
“We are enthusiastic about the opportunity to invest in Australian real estate”, says Rita-Rose Gagné, Executive Vice President, Growth Markets, for Ivanhoé Cambridge. “Blackstone’s strong knowledge of the Australian market and its established presence in Australia have been key to the success of this transaction. Ivanhoé Cambridge continues to explore the possibilities of increasing our investments in Australia and in other parts of the Asia-Pacific region in 2015.”
Christopher Heady, Senior Managing Director and Head of Real Estate Asia at Blackstone, says: “This is our first investment in Asia as part of Blackstone Property Partners’ Core+ strategy. Liberty Place fits the Core+ strategy extremely well as a high quality, well-leased asset in a global gateway city. We are pleased to have partnered with Ivanhoe Cambridge on this transaction.” *