Irongate Group (JSE:IAP) entered into an agreement to acquire commercial land and buildings at 34 Southgate Avenue, Brisbane from Anthony John Group Pty. Ltd. and Cannon Hill Developments Pty Ltd for AUD 3.9 million on August 12, 2021. Irongate Group entered into a contract for commercial land and buildings. Irongate Group also entered into a development agreement with the sellers under which the sellers will undertake the development of the property on behalf of Irongate Group. The total purchase consideration is AUD 36 million which represents an initial yield of 5.0%. The purchase consideration comprises an initial payment of AUD 3.897 million to the Anthony John Group Pty Ltd and Cannon Hill Developments Pty Ltd under the contract for commercial land and buildings, with the balance to be progressively paid to the Anthony John Group Pty Ltd and Cannon Hill Developments Pty Ltd under the development agreement. Construction is due to complete in July 2022. The purchase consideration and all transaction costs will be funded through IAP’s existing debt facility. Transaction is expected to be closed on August 17, 2021. Irongate Group (JSE:IAP) completed the acquisition of commercial land and buildings at 34 Southgate Avenue, Brisbane from Anthony John Group Pty. Ltd. and Cannon Hill Developments Pty Ltd on August 17, 2021.