BECTON Investment Management Limited has paid $37 million for the remaining 50 per cent ownership of the Southlands Boulevarde Shopping and Entertainment Centre in Willetton.
Becton CEO Hamish Macdonald said the purchase of the remaining 50 per cent of this property enabled Becton to take advantage of future value-adding opportunities.
“The asset has been purchased by the Becton Retail Property Trust and brings our total funds under management to $706 million across 46 properties,” Mr Macdonald said.
Nearly half Becton’s assets are in Western Australia, and include the Spearwood distribution centre, bought earlier this year for $24 million.
Other WA assets include 111 St Georges Terrace, the May Holman Centre at 32 St Georges Terrace, and the Transport Department building in Murray Street. Becton also owns Havelock House in West Perth, Subiaco Square shopping centre and the 3M Building at Herdsman Business Park.
Mark Werrett, managing director of Werrett Property Group, negotiated the Southlands sale on behalf of South Perth Finance Services, which represented a group of 11 locally based syndicate members.
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