Wednesday 24th December 2014
|Text too small?|
Augusta Capital, the listed property investor and fund manager, has bought the Southgate Centre retail site in Auckland's Takanini, which it plans to put on the market for syndication.
The Auckland-based firm will spend $58.5 million buying the property from Retail Holdings which is fully occupied, and plans to syndicate the site before the April 30, 2015 settlement date, it said in a statement. The syndicate offer will need $34.3 million of investor equity to be raised in $50,000 units, of which Augusta will underwrite $23 million. The syndicate offer is expected to open in late February or early March.
"The company is excited about both the size and quality of this offer in light of the recent success of the similarly sized Spark City syndication," the company said.
Augusta's funds management unit generated more than half of its first-half revenue of $6.03 million from the Victoria Dock syndication with Spark New Zealand as tenant.
In March, the company bought property investors KCL Property and Investment Property Titles for a combined $15.4 million in cash and scrip, giving it about 165 properties to manage, with some $1.1 billion in funds under management.
The shares last traded at 98 cents, and have climbed 29 percent this year.
No comments yet
Steel & Tube Fy20 Trading Update
Further Contract Win Strengthens Scott Technology’s Position In Mining Sector
China’s Assertiveness Is Becoming a Problem for Its Friends, Too
New Talisman - Chairman’s Address to AGM 2020 August 6, 2020
T&G reports its 2020 Interim Results
Gold price hits $2,000 for first time on Covid
TruScreen strengthens its market presence in central and eastern Europe
Refining NZ announces non-cash impairment
Ryman Healthcare COVID-19 update Victoria
Talisman Quarterly Activities Report to 30 June 2020