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BGC Group Signs Sales Agreement for Aloft Hotel

BGC Group has signed an agreement with Singapore-based Hiap Hoe Ltd for the sale of the Aloft Hotel and 25 Rowe office complex in Perth, Western Australia for A$100m.

The agreement will see the hotel continue to be successfully managed and operated by Marriott International, maintaining the same team and the same high standard of service.

BGC Group director Sam Buckeridge said the Board was pleased with the result.

“The sale is a testament to the quality of the Aloft development completed by BGC Construction last year, and the Marriott team which continues to deliver a fantastic experience for guests,” Mr Buckeridge said.

“We are pleased to reach this agreement with Hiap Hoe, which will retain the fantastic Marriott-managed Aloft team. The sale will free up capital invested in this asset by the Group for re-deployment,” Mr Buckeridge said.

Hiap Hoe has a successful track record in both hotel and commercial property investments in Australia and currently owns the Marriott operated Four Points by Sheraton Melbourne along with commercial offices in Perth.

The transaction is expected to complete in Q1 2019, following the granting of the required FIRB, liquor licencing and board approvals.

The four-star Aloft Hotel in Rivervale opened last year and was placed on the market for sale in May this year.

The Hotel is part of a complex that includes a 10,600 square metre A-Grade commercial building and a 500-bay carpark.

Located at The Springs, Rivervale, on the banks of the Swan River, the Hotel is ideally located in close proximity to the Airport, Perth’s new Optus Stadium and road and rail links to the heart of the city.

The BGC Group’s other high-profile hotel property, the five-star Westin Perth, is also on the market, with the sales process progressing well.

“The current constrained supply of quality, contemporary hotel properties in Perth’s rising market continues and has seen strong interest for the Westin Hotel,” Mr Buckeridge said.

14 November 2018

Independent Non-executive Directors Join BGC Group Board

The BGC Group has appointed three experienced and highly credentialed independent non-executive directors to its Board.

Neil Hamilton, Jennifer Seabrook, and Matthew Bungey will commence their directorships immediately and help guide the strategic direction of the company as it embarks on the next steps of the sale process to realise the value of the privately-owned company.

The independent directors join existing directors Julian Ambrose, Andrew Teo, Sam Buckeridge and Andrew Buckeridge. The Board is expected to confirm Neil Hamilton as chair at its next meeting.

"Collectively, our new directors bring a wealth of corporate experience, including impeccable credentials in major corporate transactions and the construction, resources, manufacturing, property and finance industries," director Sam Buckeridge said.

"They bring specialist expertise to complement the existing strengths of the Board and we are delighted to have attracted such high-calibre and respected directors as we undertake the divestment process."

Accomplished chairman and director, Neil Hamilton said he was delighted to have the opportunity to work with such an iconic Western Australian company.

"The BGC Group boasts an incredibly diverse range of successful and vertically integrated companies and businesses which operate across a number of key sectors in the Australian economy," Mr Hamilton said.

"From residential and commercial building to the manufacture of construction products and the delivery of contract mining services, the Group has significant and highly valuable assets which will no doubt attract strong interest in the market."

Mr Buckeridge said the Board would continue to progress the sale process in a considered and informed way.

12 October 2018

Independent Non-executive Director Bios

Neil Hamilton
LLB
Independent non-executive Director
BGC Group

Neil Hamilton brings a wealth and diversity of corporate experience from a career spanning more than four decades. An accomplished chairman and director, Neil has extensive experience in the legal profession and business across a range of industries including investment and funds management, insurance, banking and resources. Since May 2018, he has been Senior Adviser at Sternship Advisers, following eight years as Senior Adviser and Chair of the Western Australian office of UBS AG.

Neil has previously served as Chairman of IRESS, Challenge Bank Limited, Mount Gibson Iron Limited, Oz Minerals, LandCorp (Western Australian Land Authority) and Western Power and Director of Insurance Australia Group Limited, Adelaide Brighton, Metcash Limited, Programmed Maintenance Services Limited. He is past Chairman of West Coast Eagles Football Club and the AFL Players Association Advisory Board and a Life Member of both organisations.
Jennifer Seabrook
B.Com., FCA, FAICD
Independent non-executive Director
BGC Group

Jennifer Seabrook has worked at the highest levels of corporate Australia for more than 30 years. A former member of the Takeovers Panel, she has senior experience as a chartered accountant, investment banker and capital markets adviser. Ms Seabrook is highly experienced in mergers and acquisitions and has extensive public company board experience.

She is currently a Senior Advisor to Gresham Partners Limited and also a non-executive Director of Iluka Resources Limited, IRESS Limited, MMG Limited and the Australian Rail Track Corporation. Her previous directorships include Western Australian Treasury Corporation, Export Finance and Insurance Corporation, Amcor Limited, Bank of Western Australia Limited, West Australian Newspapers Holdings Limited, Australian Postal Corporation, Alinta Gas and Western Power.
Matthew Bungey
B.Eng. (Hon), B.Sc., MBA
Independent non-executive Director
BGC Group

Matthew Bungey is a seasoned M&A practitioner with significant experience advising the Board and management of global companies on corporate transactions, asset-level deals and complex financings. Over the past decade he has advised on many of the most significant transactions in the global Natural Resources space. He is a Managing Director of Barclays Investment Banking Division, having worked in London between 2006-2017. He has recently moved back to Australia with Barclays.

Originally from Western Australia and with a background in engineering and marketing, Matthew has worked on deals across North and South America, Asia, Africa, Europe and Australia. Matthew has an MBA with Distinction from INSEAD and studied under-graduate at the University of Melbourne.

BGC Group Appoints New Group Chief Financial Officer

Experienced corporate executive Alan Tate has been appointed Group Chief Financial Officer of the BGC Group.

Director Sam Buckeridge said Mr Tate brings a wealth of experience to the Group, with a career spanning 25 years.

"We are very pleased to have Alan join the team and look forward to benefiting from his strategic, commercial, and financial leadership," Mr Buckeridge said.

"The Group has a strong pipeline of long-term work, and is well placed to benefit from improving conditions in the resources, construction and property sectors.

"Alan will play a critical role in ensuring the Group maintains its strong financial performance and achieves operating efficiencies across its diverse range of divisions."

Mr Tate has previously held senior leadership positions with a range of major corporates including CFO of Iluka Resources, EMR Golden Grove and Jabiru Metals and held senior strategic, commercial and finance roles at BHP Billiton and WMC Resources. He is a Fellow of Chartered Accountants Australia and New Zealand and a Fellow of the Australian Institute of Company Directors.

He replaces Andrew Teo, who retired from the Group CFO position in March after 35 years' service. Mr Teo remains a director of BGC.
12 October 2018

Statement Issued by BGC (Australia) Pty Ltd in Relation to the Sale of the BGC Group

The Board of BGC (Australia) Pty Ltd will undertake an orderly divestment of the Group, in order to give effect to the amendments to the Will of Len Buckeridge which have been agreed to by Len's family.

The Board will carry out the divestment in a considered, informed and methodical manner which may take a significant amount of time to finalise. There is no time pressure being placed on the completion of the divestment process. In the meantime, it is business as usual for all of BGC's operating companies and divisions.

BGC (Australia) is one of the nation's biggest and most diverse privately-owned companies with an annual turnover in excess of $2.5 billion. The Group comprises a number of companies and businesses, significant and varied capital assets and a diverse portfolio of property holdings and investments.

Our vertically integrated operations span residential and commercial building, the manufacture of building and construction products, contract mining, engineering construction, the manufacture and maintenance of structural and mechanical equipment, quarrying, road transport, property ownership and management and insurance.

Our people are at the heart of our business and through the efforts of our more than 4,300 staff and our valued contractors, the BGC brand has become synonymous with quality, integrity, innovation and value.

The Directors are committed to the continuing success of the business, in the interest of all its stakeholders, not least its people.

We have a strong pipeline of long-term work valued in excess of $2.7 billion and our priority will be to ensure that we continue to support our people to deliver quality outcomes for our clients and business partners.

We will continue to keep all of our valued stakeholders including our people, our clients and our supply partners informed as and when there are developments to report.

30 May 2018

NAIDOC Week Summit Sponsorship

The BGC Group has sponsored a student for the national NAIDOC week Girls Academy Year 12 Summit, held in Canberra.

Girls Academy is a not-for-profit charitable organisation founded in 2004 by Olympian and champion basketballer Ricky Grace, whereby it develops and empowers Aboriginal girls through leadership training, mentoring, sport and extra-curricular programs.

Here are the details for our 2018 BGC sponsored student, Peggy.
18 June 2018

National Seniors Housing Award

BGC Construction has won the National Master Builders Association’s Department of Health, National Lifestyle Housing for Seniors Award (Multi Unit Developments) for their work on the RAAFA Orion Terrace Apartments.
16 November 2015

DRA Pacific & BGC Contracting Form Joint Venture

DRA Pacific and BGC Contracting have announced the formation of a joint venture offering an extensive range of services to the Australian mining industry. The new entity, called DRA BGC JV, will be a one-stop-shop delivering a full suite of services, including engineering, procurement, construction, operations and maintenance.
22 July 2015

Deloitte Mental Health Forum

BGC Contracting presented at a Deloitte hosted forum, attended by a cross section of industry professionals to prompt discussion around the issue of mental health amongst the greater FIFO community.
13 April 2015

BGC Construction Sweeps the Pool with Great Southern Awards

BGC Construction has been recognised for its work on the state-of-the-art National Anzac Centre in Albany, taking out a swag of awards in the 2015 Great Southern Master Builders Association (MBA) Excellence in Construction Awards.

In addition to being named Best Commercial/Industrial Building, the project also won awards for Excellence in Roofing (Metal), Best Civil Engineering Works and Best Commercial/Industrial Building ($6m-$10m). Taking out the overall Great Southern MBA Award has cemented BGC Construction's place in the State MBA awards, to be held in July this year.
14 February 2015

NIB Stadium Delivery

Construction is now complete on the $74 million 20,500 seat nib Stadium, the home of Perth Glory and the Western Force Super Rugby Teams.
12 October 2013

Recent Posts

  • BGC Group Signs Sales Agreement for Aloft Hotel

    14 November 2018
  • Independent Non-executive Directors Join BGC Group Board

    12 October 2018
  • BGC Group Appoints New Group Chief Financial Officer

    12 October 2018
  • NAIDOC Week Summit Sponsorship

    18 June 2018
  • Statement Issued by BGC (Australia) Pty Ltd in Relation to the Sale of the BGC Group

    30 May 2018
  • National Seniors Housing Award

    16 November 2015
  • DRA Pacific & BGC Contracting Form Joint Venture

    22 July 2015
  • Deloitte Mental Health Forum

    13 April 2015
  • BGC Construction Sweeps the Pool with Great Southern Awards

    14 February 2015
  • NIB Stadium Delivery

    12 October 2013

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