The Burstone Group’s Australian joint venture (JV) with the real estate fund manager, Irongate Group, has established an agreement with TPG Angelo Gordon, a credit and real estate investing platform within TPG, with approximately US$91 billion (£71bn) assets under management.
The partnership, which established a new industrial programmatic JV between the parties, has concluded a series of acquisitions in Australia, expanding Burstone’s industrial and logistics fund management strategy in Australia.
Burstone, through Irongate, has a minority co-investment in the programmatic JV and the Irongate JV provides the investment and asset management functions.
These assets include:
- Zeleny Road, Minchinbury, New South Wales: the forward-funding of a 10,190m² (c.109,000ft²) cold storage facility which has commenced development and is subject to a triple-net lease
- South Pine Road, Brendale Queensland: a 9.7-hectare site with a GLA of 31,738m² (c.341,000ft²) with a 3.7 year WALE
- Interchange Industrial Estate, Narangba, Queensland: a 10-hectare site with a GLA of 34,382m² (c.370,000ft²) with a 4.9 year WALE
- Williamson Road, Ingleburn, New South Wales: a 4-hectare site with GLA of 18,564m² (c.199,000ft²) with a 2.9 year WALE
The programmatic JV has now concluded the acquisition of A$280 million (£139m) of industrial logistics assets in New South Wales and Queensland, deploying approximately A$133m (£66m) of equity into four assets.
CEO of Burstone Group Andrew Wooler said: “The programmatic JV aligns with Burstone’s fund and asset management strategy, leveraging internal expertise to deliver strong total returns to Burstone and its capital partners.
“The provision of investment and management capability alongside globally recognised capital partners, further enhances the overall return to Burstone and demonstrates the Group’s ability to deliver on its stated strategy of expanding its fund and asset management platforms.”
