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.

Four assets were offices (including 22 Mount St, Perth, pictured top).

The residential component includes affordable housing complexes – all in the Western Australian capital.

There were 18 industrial investments – in Adelaide, Brisbane and Melbourne – most offered with a  leaseback.

According to The Australian, some of the sites could be redeveloped.

Based on the reported annual income of the 39 properties ($11.6m), the Fife deal is being struck at a 5.8 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 realestatesource.com.au.