Irongate Group announced the acquisition from Blackstone Group Inc.2 of a 100% interest in the property located at 38 Sydney Avenue, Canberra ACT (Property) for a total purchase price of AUD 73.75 million (Acquisition). The Property is an A-grade office building comprising 8,901m² of accommodation across four levels including a ground floor cafe in one of Canberra's prime office precincts. The Property is being acquired on an initial yield of 5.13%. The Property is 55% leased to the Australian National Audit Office, a department of the Australian Federal Government functioning as the national auditor for the Parliament of Australia with 13.5 years remaining on the lease term and annual fixed rent reviews of 3.5%. The balance of the office space (3,920m² is subject to a 24-month non-refundable gross rent guarantee provided by the vendor, resulting in a WALE for the Property at completion of 8.5 years.