Victorian property investor Becton Property Group has acquired Bunbury's Woodstock West retirement village, the company announced today.
The full text of a company announcement is pasted below
Becton Property Group ("Becton") announced today that it has acquired a 123 dwelling retirement village in Bunbury, Western Australia1.
The acquisition, Woodstock West, diversifies Becton's retirement village ownership and complements its current retirement village assets which include Classic Residences Brighton and Menzies Malvern in Victoria, and Dee Why Gardens in New South Wales.
Becton Property Group CEO Hamish Macdonald said, "We are very pleased with this acquisition. Although we already have significant commercial property investments in Western Australia, this will be our first retirement asset in this state".
"An important aspect of this acquisition is the strategic alliance Becton has formed with the developers of the Bunbury retirement village. Becton's aim is to own and manage retirement villages in all main states and this alliance will allow us to grow our portfolio of retirement villages in Western Australia".
"Both the acquisition and strategic alliance will build on our strategy of diversification and creating high-quality retirement assets that contribute strong recurring earnings for Becton", said Mr Macdonald.
Becton now owns and operates four retirement villages with a total of 850 dwellings. In addition, there are three assets currently in development that will contribute an additional 350 dwellings to the Becton retirement business between FY08 to FY10.
Last week Becton announced it had significantly strengthened its retirement expertise with the appointment of Jim Hazel as non-executive Chairman of the board of Becton's retirement business.
