ISPT acquire Blackstone's stake in 161 Castlereagh St
US private equity group Blackstone and Canada's Ivanhoe Cambridge have offloaded their 25% stake in Liberty Place to ISPT in a deal worth approx $400m.
ISPT, along with the GPT Wholesale Office Fund already own 25% and 50% respectively with GPT's stake last valued in December 2018 at $725m.
Matt Lane, ISPT’s General Manager, Capital Transactions says“The acquisition of Liberty Place enhances our exposure to a well-connected precinct undergoing a major transformation, with several new developments set to occur in the near future, including the new Pitt Street North Metro Station.”
Liberty Place is rated as a premium grade office complex and comprises ANZ Tower, Legion House, 167 Castlereagh Street, a retail plaza and a car park.
Blackstone and Ivanhoe Cambridge, acquired their interest in the then $1bn tower from LaSalle Investment Management in 2015.
The ISPT deal, managed by JLL, is reported to have reflected a capitalisation rate of about 4.1%, which is a similar cap rate Investa paid Stockland for 135 King Street last month.
Blackstone are now looking to flip their recent acquisition from SCentre of 100 Market Street.