Becton Property Group sold its 50% interest in Accor Asia Pacific – its joint venture holiday ownership club business, for $38 million.
Settlement of the sale is expected to occur by the end of October.
The proceeds from the sale are to be used to “support future growth” within Becton.
APVC is Australia’s largest flexible vacation and lifestyle club, with more than 15,000 members. Membership lasts for 80 years and members receive an annual entitlement of points which they use to stay in club properties.
Becton managing director Hamish Macdonald said APVC has proven to be a sound investment for Becton.
“However, whilst it has made a positive contribution to profit in recent years, the strategic alignment and integration synergies have not developed to the degree we expected when we entered the joint venture.”
"In light of our recently announced proposal for stapling and associated capital raising we believe it is an appropriate time to focus our attention on growing our funds management and retirement businesses, where greater synergies and shareholder value can be created.”
By Nelson Yap
