Becton buys Lachlan PG

Becton Property Group has paid $63.4 million for Sydney based Lachlan Property Group.

The deal increases the value of the group’s portfolio to over $2 billion.

Head of funds management Matthew Chun said the company has spent considerable time looking for unlisted property fund managers, with Lachlan being “a stand out business”.

The move allows Becton to expand its development and fund management operations in Sydney, he added.

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

A $216m office fund owns eight properties including 50 Queen St, Melbourne, which it bought in March 2007 for $31m.

It owns 606 St Kilda Rd, too – after outlaying $30.2m in August 2005.

Established in 1997 by former Macquarie Bank executive Ray Allan and Philip Baker, Lachlan also holds three inner suburb assets including 675 – 679 Victoria Street in Abbotsford, which cost $20.2m in 2001.

Becton shares rose five cents yesterday to close at $4.85.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of