This article is from the Australian Property Journal archive
BECTON has completed the sale of its funds management business to 360 Capital Property Group. At the same time, the group has secured development finance for its Divercity project in Waterloo.
The deal includes the transfer of the entire business, including a number of employees to 360 Capital. There is also a call option to purchase Becton’s 58.9% stake in the Becton Diversified Property Fund.
In the event the call option is exercised, Becton will exit its current property investments and funds management business at a discount to the current book value of Becton’s investment in BDPF.
Becton said it is continuing to make progress on that capital restructure which is now expected to take place in April 2011.
Meanwhile the group has secured development finance from BOS International (Australia) to increase its project debt facility for Divercity, Waterloo, by $55 million to $116 million.
Becton said the increase will allow construction to advance on the first 289 apartments following a highly successful pre-sale campaign.
Australian Property Journal
