Burstone Extends Australian Logistics Push with Glendenning Deal

• Co-invests 15% with Irongate in two Australian industrial assets, scaling a logistics platform driven by on-the-ground active asset management.
• Glendenning, NSW: two warehouses, 11,189sqm NLA; bought for A$39m at 5.3% initial yield; Wire Industries tenant with four years remaining.
• Hemmant, Brisbane: 25-unit estate acquired for A$46.6m at 5.9% initial yield; 7.3% reversionary yield; WALE just over two years.

Introduction & Burstone Background

Burstone Group is a fully integrated, JSE-listed (2011) international real-estate manager with c.R42 billion GAV and c.R23.4 billion third-party capital under management. Operating across South Africa, select European markets and Australia, around 68% of AUM is offshore. The strategy blends fund, investment and asset management with development capabilities, executed by local teams for hands-on performance.

Through its JV with Irongate Group and a capital relationship with TPG Angelo Gordon, Burstone is accelerating an Australian industrial, logistics platform focused on well-located warehouses acquired below replacement cost, then enhanced via active asset management.

Glendenning Facility (NSW)

‍The latest acquisition at 182 Power Street, Glendenning comprises two warehouses totalling 11,189sqm NLA on a 20,058sqm site. The asset was acquired for A$39m at a 5.3% initial yield (6.6% reversionary). It is leased to Wire Industries, a leading steel manufacturer, with four years remaining on lease term, providing cash-flow visibility and upside through reversion and operational optimisation.

Co-Investment & Platform Momentum

‍Across Glendenning and Hemmant (Brisbane Trade Coast), the latter a 25-warehouse estate acquired for A$46.6m (5.9% initial; 7.3% reversionary; WALE >2 years). Burstone’s 15% co-investment totals A$5.7m. These transactions deepen Irongate’s six-deal run in nine months, evidencing strong sourcing and execution capacity in a tight industrial market.

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“Irongate continues to perform ahead of expectations, strengthening investor relationships and advancing our global fund and asset-management blueprint,” said Andrew Wooler, Burstone CEO.

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Summation

‍For commercial investors, the signal is clear: institutional-grade industrial assets, defensive tenants, reversionary upside, and local execution.

Burstone’s Australian JV is building scale and yield durability in one of the world’s most resilient logistics markets, aligning with REI readers’ focus on cash-flow certainty, operational levers, and offshore diversification.

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