Canada’s Ivanhoe Cambridge announced today the acquisition of a 25% interest in Liberty Place, a core office property in Sydney.
Blackstone Property Partners Asia partnered on the purchase from Lasalle Investment Management for a total investment of $240 million.
Ivanhoe Cambridge Executive Vice President Growth Markets Rita-Rose Gagne said, “We are enthusiastic about the opportunity to invest in Australian real estate.
“Blackstone’s strong knowledge of the Australian market and its established presence in Australia have been key to the success of this transaction. Ivanhoe Cambridge continues to explore the possibilities of increasing our investments in Australia and in other parts of the Asia-Pacific region in 2015,” Ms Gagne said.
Senior Managing Director and Head of Real Estate Asia at Blackstone Christopher Heady said, “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.”