BECTON and AVJennings have bought the Fincorp property portfolio for $205 million and Becton is offering Fincorp noteholders an opportunity to reinvest their funds in the Becton Office Fund.
The Fincorp portfolio includes two retirement village sites under development with a total of 379 dwellings in
Fincorp’s administrators KordaMentha has sold nine properties to Becton for $170 million and a 91-hectare parcel of land at Wollert in
According to Becton, the portfolio will provide a 10-year development pipeline with an end value of more than $470 million.
Becton’s chief executive Hamish Macdonald made an unusual move yesterday by offering Fincorp investors, who will receive the right to a cash out price of approximately 50 cents for each $1.00 originally invested, an opportunity to reinvest their proceeds into Becton’s Office Fund.
Macdonald’s offer means Fincorp investors can invest 55 cents for each $1.00 in BOF.
Macdonald said the purchase will increase Becton’s portfolio of complete and under-development dwellings to approximately 1,955 across 12 sites in
Becton’s funds management Matthew Chun said the acquisition also coincides with the imminent launch of Becton’s first development fund, which is on track to launch in September this year.
Becton’s acquisition will be debt funded.
Meanwhile, AVJ’s land grab on
Managing director Louis Milkovits said the $300 million project strengthened the company’s portfolio in one of
“This acquisition increases the company’s land holdings in
Australian Property Journal
