Irongate buys office property for R782m
Australian property fund is strengthening its asset portfolio with the acquisition in prime location
Irongate Group, the Australian real estate investment trust (Reit), has acquired an office property in Canberra in an effort to own more properties with long leases in place..
The JSE-listed company, which was formed by the Investec Group and listed on the main bourse in 2013, said on Monday that it would buy the property at 38 Sydney Avenue for A$73.75m (R782m), at an initial yield of 5.13%. The deal will bring in regular income payments to Irongate...