Ivanhoé Cambridge announced this week that in partnership with Blackstone Property Partners Asia the company has acquired a 25% interest in Liberty Place, a 42-story office tower in the heart of Sydney's Midtown. According to a Bloomberg Business report, Canada’s Ivanhoe Cambridge has made its first direct investment in Australia, joining with Blackstone Group LP to buy a stake in a Sydney office complex for A$240 million ($182 million). Ivanhoé and Blackstone are buying their stake from LaSalle Investment Management on a yield of about 5.6%, according to the Australian Business Review. It is the first major office tower deal in Sydney to be struck this year without a development angle, the publication said.
"We are enthusiastic about the opportunity to invest in Australian real estate", explained 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 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."
Completed in 2013, 161 Castlereagh Street is the Sydney headquarters of the ANZ Bank, and was 97% leased at the time of sale. Liberty Place was developed on the site behind the Sydney Hilton, spreading from Pitt Street to Castlereagh Street. It occupies 60,176 square meters of office space and 4425 square meters of retail area.
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