Becton Buys Lachlan Property Group

The Melbourne based Becton Property Group has agreed to pay $63.4 million for the Sydney based Lachlan Property Group, in a deal that will bring its total funds under management to more than $2 billion.

Becton head of funds management Matthew Chun said it has spent considerable time looking for unlisted property fund managers, with Lachlan being “a stand out business”. The move will help Becton expand its development and fund management operations in Sydney.

Lachlan manages about $450 million of property assets including a $193 million diversified fund with 10 properties.

A $216 million office fund owns eight properties including 50 Queen Street Melbourne, which it bought in March 2007 for $31 million, 606 St Kilda oad which it bought for $30.2 million in August 2005 and three offices at 675 0 679 Victoria Street in Melbourne’s inner eastern suburbs, which it bought for $20.2 million in 2001.

Lachlan was established in Sydney in 1997 by former Macquarie Bank executive Ray Allen and Philip Baker.

As a consequence of the announcement, Becton’s shares rose 5 cents to close at $4.85 yesterday.

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