Burstone and Irongate Australia acquire R680m in industrial assets
Joint venture provides 20% of equity with private equity group Phoenix Property Investors investing 80% in deal
Burstone Group, formerly Investec Property Fund, said on Wednesday that it has teamed up with Australia’s Phoenix Property Investors to buy a portfolio of industrial properties in Sydney for A$57.25m, bulking up its exposure in the Asia-Pacific region.
The deal will see APAC-focused private equity group Phoenix Property Investors own 80%, with the Irongate JV investing 20% equity and providing asset management services. ..
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