ISPT ups Liberty Place stake as Ivanhoé exits first direct Australia investment
Melbourne-based property fund manager ISPT has acquired a second 25% stake in Liberty Place, an office-retail precinct in Sydney, for around A$400m (€245.8m) from Ivanhoé Cambridge.
As IPE Real Assets reported in 2015, Ivanhoé Cambridge, the real estate arm of Caisse de dépôt et placement du Québec, acquired the interest in partnership with US private equity firm Blackstone.
ISPT, owned by Australian superannuation funds, already holds 25% of Liberty Place, a 42-storey complex with 60,000sqm of office space and 4,400sqm of retail.
Its co-owner is the GPT Wholesale Office Fund, managed by GPT Group, which has owned 50% of the building since its completion in 2000.
The purchase gives ISPT equal billing in the building, which serves as headquarters for one of Australia’s four largest banks, ANZ.
Other tenants include WeWork, which signed a 12-year lease last year for three floors.
Liberty Place was Ivanhoe Cambridge’s first direct investment in Australia.