Irongate buys sixth investment this year
Irongate has snapped up its sixth investment this calendar year.
The steel manufacturing plant at Glendenning cost $39 million – a 6.5 per cent yield.
With 11,189 square metres in two warehouses, the 2.06 hectare facility is leased for four more years to Wire Industries.
Colliers’ Matthew Flynn and Paul McGlynn represented the private seller, Greenline Pty Ltd.
Elsewhere in Sydney, in February, Irongate bought a food processing plant on a funds through basis, in Minchinbury – with a c$66.5m end value – and an Ingleburn business park, from EG, for $62m.
Four months ago it paid Gateway Capital $46.6m for a 6.54ha industrial estate with 25 units in Brisbane’s Hemmant.
Irongate boosts book
With the Glendenning property, 182 Power Street, Irongate manages over $400m of industrial product, in New South Wales and Queensland.
Incorporating other sectors, its portfolio is worth nearly $1.3 billion.
It also has a development pipeline.
Representing offshore investors including Johannesburg Stock Exchange listed Burstone Capital, Irongate chief executive officer, Graeme Katz, said it targets well located industrial properties which can be bought below replacement cost.
“We have been active in this market for 20 years and benefit from a strong team who is well connected on the ground,” he added.
“We also benefit from a strong balance sheet,” according to the executive.
“This allows us to be a meaningful co-investor alongside all our partners”.
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