Todays...

Todays Australian

http://www.theaustralian.com.au/business/property/becton-offloads-brisbanes-citilink-business-centre-for-60m/story-e6frg9gx-1225924259194?from=public_rss

Becton offloads Brisbane's Citilink Business Centre for $60m

Maurice Dunlevy From: The Australian September 16, 2010 12:00AM

THE troubled Becton Group has sold a Brisbane office complex for about $60 million.

The building is the 15,696sq m Citilink Business Centre at Bowen Hills, which is held in the Becton Office Fund No 2, one of two funds to be managed by Over Fifty Group subsidiary Century Funds Management.

Becton lost control of the funds a week ago after unitholders voted overwhelmingly for a management change.

The Australian Securities & Investments Commission is expected to rubber-stamp the move today or tomorrow. The other affected fund is the Becton Diversified Direct Property Fund.

The Citilink complex comprises two fully leased detached buildings, which were purchased six years ago for $39.4m.

Nine properties valued at about $220m are held in the funds. Over Fifty Group chief executive John McBain yesterday ruled out a sale of either fund's portfolio. "We are not going to liquidate a whole lot of assets," he said.