SYDNEY—Ivanhoé Cambridge has partnered with Blackstone Property Partners Asia to buy a 25% stake in a Sydney office building for about $182 million, marking its first direct-investment in Australia. Ivanhoe Cambridge said earlier this week that it acquired the interest in the 42-story office tower complex Liberty Place from Lasalle Investment Management for $181.97 million (A$240M). The remaining 75 % stake is still owned by Australian property investment firms GPT Group and ISPT,according to a report from Reuters.
Ivanhoe Cambridge has been looking at Asia and Australia as part of its global expansion strategy, according to a source quoted by Retuers.
Click Reuters to read the full story.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
