Sharechat Logo

Augusta aims for $3 bln under management by 2022

Thursday 1st August 2019

Text too small?

Augusta Capital wants to increase assets under management to $3 billion by its 2022 financial year, the property and investment manager told its annual shareholders’ meeting.

Augusta had $2 billion in assets under management at March 31, including contracted purchases.

Slides filed with NZX show the company wants to create larger funds in New Zealand and to continue to launch single-asset funds, to grow the listed Asset Plus, formerly NPT, and its industrial fund as well as launching a new tourism fund.

Across its various funds, Augusta managed 74 properties at balance date, including 60 single-asset funds.

The company says it will continue to invest in people and systems to match its growth strategy.

Augusta is also looking at potential residential land development for its second “Value Add Fund.”

Last week, the company said it was conducting due diligence on 40 hectares of land near Warkworth to assess whether the acquisition of the land for a yet-to-be-established fund would be feasible.

It stressed it had made no decision to proceed with the new fund and hadn’t entered into any contracts.

Augusta told the AGM it will continue to seek further acquisition opportunities for existing funds as well as the establishment of new schemes.

In May, the property company reported net profit for the year ended March rose to $6.9 million from $1.04 million the previous year. Net funds management income rose more than 40 percent to $17.3 million.

Augusta shares are steady at $1.48, well above their 98 cents net asset backing at March 31 and up more than 30 percent from a year ago.

(BusinessDesk)

NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Supplements, skincare firm poised for reverse listing
NZX, EEX eye carbon auction opportunity
A2 Milk boss steps down, shares fall 7.7%
NZX says operating earnings will reach top of guidance
NZ dollar consolidates weekly gain of more than a US cent
NZ dollar holds gains on improved dairy, bank capital outlook
MARKET CLOSE: NZ shares gain; banks rally on Reserve Bank capital decision
NZ dollar rises; bank capital rules less harsh than expected
RBNZ relaxes capital requirements, allows preference shares, extends phase-in
NZ dollar extends gain amid mixed US data, possible trade progress

IRG See IRG research reports