Burstone Group, through its JV with Irongate Group, has acquired a manufacturing facility in Glendenning, NSW, Australia for A$39 million.

The sixth acquisition Irongate Group has completed in nine months, the Glendenning acquisition follows Irongate Group’s recent acquisition of Hemmant, a multi-tenanted estate in Brisbane’s Trade Coast industrial precinct with Burstone Group’s 15% co-investment in both acquisitions A$5.7 million.

“The Irongate business continues to perform ahead of expectations, maintaining strong relationships with its core investor base while actively engaging with new capital partners, and benefiting from the Australian market’s renowned stability. The outstanding performance of the Irongate business serves as a proven blueprint for advancing our fund and asset management strategy globally,” comments Burstone Group CEO, Andrew Wooler.

The Glendenning property comprises two warehouses with a combined net lettable area (NLA) of 11 189m² on a site area of 20 058m².

In the past year, Irongate Group established an agreement with TPG Angelo Gordon, a diversified credit and real estate investment platform within TPG with approximately US$91 billion assets under management. The partnership has concluded a series of acquisitions in Australia, expanding Burstone Group’s industrial and logistics fund management strategy in the country. Burstone has a minority co-investment in the partnership, and the Irongate Group JV provides the investment and asset management functions.