Ivanho茅 Cambridge and a Blackstone fund have teamed up to make their first investments in , buying a 25% stake in a core office property.
The Canadian institution said it had entered into a partnership with Blackstone Property Partners Asia to buy the interest in Liberty Place for AUD240m (鈧�171m).
The 42-storey tower was sold by Investment Management.
鈥淲e are enthusiastic about the opportunity to invest in Australian real estate鈥�, said Rita-Rose Gagn茅, executive vice president of growth markets at Ivanho茅 Cambridge.
The investor will look to increase its investment in Australia and the Asia-Pacific region this year, she said.
The deal is Blackstone鈥檚 first in Asia for its Property Partners core-plus strategy.
Christopher Heady, senior managing director and head of real estate Asia at Blackstone, said Liberty Place fits the firm鈥檚 core-plus strategy 鈥漞xtremely well as a high quality, well-leased asset in a global gateway city鈥�.
Completed in 2013, the asset is 97% let. Around 60,000sqm of the building consists of offices and 4,425sqm retail.
