Irongate Group has entered into agreements to acquire an office building to be constructed at 34 Southgate Avenue, Cannon Hill QLD (Property). The Property is being acquired on a fund-through basis. IAP has entered into: a contract for commercial land and buildings with Anthony John Group Pty Ltd. and Cannon Hill Developments Pty Ltd. (Seller); and a development agreement with the Seller under which the Seller will undertake the development of the Property on behalf of IAP. The effective date of the acquisition of the Property is the settlement date under the contract for commercial land and buildings which is anticipated to occur on 17 August 2021. Purchase Consideration The total purchase consideration is AUD 36,000,000 which represents an initial yield of 5.0%. The purchase consideration comprises an initial payment of AUD 3,897,000 to the Seller under the contract for commercial land and buildings, with the balance to be progressively paid to the Seller under the development agreement2. Construction is due to complete in July 2022 and IAP will earn a coupon of 5.0% during the construction period. The purchase consideration and all transaction costs will be funded through IAP's existing debt facility. Purchase Consideration: The total purchase consideration is AUD 36,000,000 which represents an initial yield of 5.0%. The purchase consideration comprises an initial payment of AUD 3,897,000 to the Seller under the contract for commercial land and buildings, with the balance to be progressively paid to the Seller under the development agreement2. Construction is due to complete in July 2022 and IAP will earn a coupon of 5.0% during the construction period. The purchase consideration and all transaction costs will be funded through IAP's existing debt facility.