Ivanhoé Cambridge, the Caisse de dépôt et placement du Québec’s real estate subsidiary, has acquired a 25% interest in Liberty Place, an office building located in Sydney, Australia.

Blackstone Property Partners Asia partnered on the purchase from Lasalle Investment Management, for a total investment of A$240 million ($228.2 million).

Read: Caisse sets sail for Australia

Completed in 2013, Liberty Place is a 42-storey office tower complex that is 97% leased and located in the heart of midtown Sydney.

“We are enthusiastic about the opportunity to invest in Australian real estate”, says 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.”

Looking for related articles? Read more stories about the Caisse.

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Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com

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