Fife spends $200m on Buckeridge portfolio

Fife Capital is reportedly paying $200 million for a portfolio of industrial, office and residential investments.

The 39 properties were offered by the family of late architect turned developer Len Buckeridge.

CBRE’s Aaron Desange and Chris O’Brien were the agents.

A deal comes five months since Fife paid publican Kim Maloney c$48m for two Sydney CBD offices – 114 Castlereagh Street and 139 Elizabeth St.

Last October the purchaser spent c$100m on a warehouse spreading 28ha at Mickleham, north of Melbourne – at this stage the country’s biggest distribution centre.

The Buckeridge portfolio

When it was listed last year, the Buckeridge portfolio contained 47 properties.

Of the 39 assets which are trading, four are offices (including 22 Mount St, Perth, pictured top).

Eighteen industrial investments – in Adelaide, Brisbane and Melbourne – were mostly offered with leasebacks.

The residential component includes affordable housing complexes – all in the Western Australian capital – which BCG may be selling to a third party via a Nomination Deed.

Based on the portfolio’s reported annual income ($11.6m), the deal is being struck at a c5.8 per cent yield.

The Buckeridge family retains the BCG Construction firm.

The contracting arm, BCG Contracting, which included the DIAB Engineering business, traded to NRW Holdings for $310m in November, 2019.

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Marc Pallisco

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