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Irongate Announces Acquisition of Brisbane Industrial Properties

19 Apr 2021  |  16:38:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Acquisition of Brisbane Industrial Properties

Irongate announced that the Company had entered into agreements to acquire an industrial facility to be constructed at 57 - 83 Mudgee Street, Kingston QLD (Kingston Property); and an industrial facility to be constructed at Lot 24, Dunhill Crescent, Morningside QLD (Morningside Property). The Kingston Property was being acquired on a fund-through basis. The total purchase consideration for the Kingston Property was $14.32m which represented an initial yield of 5.73% (5.67% post all transaction costs). The purchase consideration comprised an initial payment of $3.05m for the land with the balance to be progressively paid until completion of construction, which was anticipated to occur in December 2021.

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