Becton Acquires Two Sydney Industrial Properties for $38.45 Million

Becton Property Group (“Becton”) today announced that its Becton Industrial Fund (or “Fund”) has acquired two industrial properties in Sydney for a total of $38.45 million.

Details of the two acquisitions are as follows:

• 8 Penelope Crescent, Arndell Park, NSW – was purchased from a private company for $14.95 million, the yield is 7.64%.

The acquisition settled on 16 November 2007.

The property is in an excellent location in close proximity to M4 and M7 motorways. The property is leased for 5 years to a private company. The property was purpose built for Electrolux in 1996 and is a high quality distribution facility.

• 37-51 Scrivener Street, Warwick Farm, NSW – a high quality property, located in Sydney’s southwest corridor, was acquired at a price of $23.5 million for a yield of 7.85%.

Leased to Visy for another 4.5 years the investment has secure income from a blue chip tenant,at an excellent initial yield.

These transactions take the number of properties in the Becton Industrial Fund to 41, with a total asset value of $449.5 million. The acquisitions are consistent with Management’s strategy to increase the Fund’s exposure to the Sydney industrial market, the strength of which is reflected in the short time period to secure a tenant for Arndell Park.

Both properties are located in the established industrial markets to the outer west of the Sydney CBD,which is experiencing healthy leasing activity and continued demand for large industrial property above 10,000m2.

Becton’s Head of Funds Management, Matthew Chun, said “We have been actively targeting Sydney market and are delighted to have acquired these two Sydney properties. Sydney is now the second
largest market for the Fund behind Melbourne. Arndell Park is well leased and in a key location near two motorways.

Warwick Farm provides the portfolio with another strong tenant covenant on a long lease term. Both properties provide an immediate improvement to the portfolio’s lease profile which now has an average lease expiry of 4.4 years.”

David Morris of Colliers International and Michael Fenton of CBRE negotiated the acquisitions of Warwick Farm and Arndell Park respectively.

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