{"id":93065,"date":"2021-04-19T18:01:00","date_gmt":"2021-04-19T08:01:00","guid":{"rendered":"https:\/\/www.fnarena.com\/index.php\/2021\/04\/19\/irongate-group-acquires-two-brisbane-industrial-properties\/"},"modified":"2021-04-19T18:01:00","modified_gmt":"2021-04-19T08:01:00","slug":"irongate-group-acquires-two-brisbane-industrial-properties","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2021\/04\/19\/irongate-group-acquires-two-brisbane-industrial-properties\/","title":{"rendered":"Irongate Group Acquires Two Brisbane Industrial Properties"},"content":{"rendered":"<p><span class=\"xn-location\">SYDNEY<\/span>, <span class=\"xn-chron\">April 19, 2021<\/span> \/PRNewswire\/ &#8212; Irongate Group (ASX: IAP; JSE: IAP) has entered into agreements to acquire:<\/p>\n<ul type=\"disc\">\n<li>an industrial facility located at 57 \u2013 83 Mudgee Street, Kingston QLD (<b>Kingston Property<\/b>); and <\/li>\n<li>an industrial facility to be constructed at Lot 24, Dunhill Crescent, Morningside QLD (<b>Morningside Property<\/b>).<\/li>\n<\/ul>\n<p>Both properties are being acquired on a fund through basis. The purchase price of the Kingston Property is <span class=\"xn-money\">$14,320,000<\/span> representing an initial yield of 5.73%, and the purchase price of the Morningside Property is <span class=\"xn-money\">$5,932,000<\/span> representing an initial yield of 6.02%. <\/p>\n<p>Commenting on the acquisitions, IAP CEO, <span class=\"xn-person\">Graeme Katz<\/span>, said, &#034;the Kingston Property will comprise two brand new, high quality generic warehouse and distribution facilities with 2,270m&#178; leased to Construction Sciences for 10 years with fixed annual escalations of 2.5% and 3,250m&#178; leased to Wako Kwikform for 8 years with fixed annual escalations of 3.0%. The Morningside Property comprises 1,016m&#178; of space that will be leased to <span class=\"xn-money\">3M<\/span> <span class=\"xn-location\">Australia<\/span> to be used as its <span class=\"xn-location\">Queensland<\/span> head office and last mile distribution facility. The lease term is 10 years with fixed annual escalations of 3.0%. <\/p>\n<p>&#034;Both acquisitions are consistent with IAP&#8217;s strategy of acquiring good quality industrial properties with strong tenant covenants and long lease terms. IAP believes the <span class=\"xn-location\">Brisbane<\/span> industrial market currently represents relative value, and the acquisitions complement IAP&#8217;s recent <span class=\"xn-location\">Brisbane<\/span> industrial acquisitions in Brendale (completed in <span class=\"xn-chron\">January 2021<\/span>) and Pinkenba (completed in <span class=\"xn-chron\">March 2021<\/span>). The acquisitions will increase IAP&#8217;s exposure to industrial property to 34% by both income and value.&#034;<\/p>\n<p>Both acquisitions are due to complete in <span class=\"xn-chron\">mid-May 2021<\/span>.<\/p>\n<p>Related Links :<\/p>\n<p>https:\/\/irongategroup.com.au\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SYDNEY, April 19, 2021 \/PRNewswire\/ &#8212; Irongate Group (ASX: IAP; JSE: IAP) has entered into agreements to acquire: an industrial&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[105],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/93065"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=93065"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/93065\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=93065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=93065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=93065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}