Ivanhoe Cambridge Joins Blackstone for Sydney Plaza Stake
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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).
The investors purchased 25 percent of Liberty Place from LaSalle Investment Management, Ivanhoe said in a statement. The 42-story complex, with about 650,000 square feet (60,400 square meters) of office space and 48,000 square feet of retail, is 97 percent leased, said Montreal-based Ivanhoe, the real estate arm of Caisse de Depot et Placement du Quebec.