Burstone Group, Irongate Australia announce first JV acquisition with global real estate group, Phoenix as co-investor

Burstone Group today announced that its Australian joint venture with the Irongate Group has acquired its first industrial property in New South Wales, Australia, for A$57.3 million ($37.6 million). The Irongate joint venture will provide the 20 percent co-investment equity and the fund management capabilities for the deal.

Burstone formed a joint venture with the management team of the Irongate Group funds management business in March 2023.

The acquisition is in line with Burstone’s strategic objective as a fully integrated international real estate business to further expand its fund management strategies across all regions in which it operates. The Group is positioned to deliver against this strategy in conjunction with the track record of the Irongate team.

The acquired properties, with a total net lettable area of 17,500 square meters (188,368 square feet) across eight buildings, are located in Western Sydney’s Smithfield, where vacancy rates are 0.2