This article is from the Australian Property Journal archive
BECTON Office Fund has entered into the New Zealand market with the purchase of an Auckland office building from a private owner for $NZ26 million ($A23 million).
The property at 32–34 Mahuhu Crescent was purchased with a passing yield of 8.24%.
Built in 2002, the property includes a six and seven level office building with 7,316 sqm of lettable space. There are 13 tenants including Vodafone NZ, Starline and NZ Invest Ltd with a weighted average lease expiry of 2.3 years.
Becton’s head of funds management Matthew Chun said this acquisition is Becton’s first offshore asset.
“The acquisition enhances the tenant and geographic diversification of the fund, which now owns 13 office properties in five Australian States and Territories, and New Zealand, and has a total asset value of $372.3 million,” he added.
With this acquisition, Becton has increased its total funds under management to $1.24 billion, an increase of $383 million during FY07.
The deal was brokered by Shane Heffernan of Tranzact Property and Bruce Whillans of Bayleys Property Services.
Australian Property Journal
