Augusta properties gain $3.7 million in value over six months

Thursday 14th April 2016

Augusta Capital, the listed property investor and fund manager, will post a revaluation gain of $3.7 million for the six months through March.

The revaluation gain for property owned directly by Augusta represents a 4.4 percent increase, the Auckland-based company said in a statement. The increase in valuation combined with static rentals has seen the company's average rental yield decline to 7.06 percent from 7.34 percent.

On an annual basis, the company's properties have increased by $7.5 million, its portfolio occupancy has risen to 97 percent from 94 percent and its average lease term increased to 6.3 years from 5.9 years, it said. Augusta will release its annual earnings for the year through March on May 19.

Its shares increased 1.4 percent to $1.06, and have increased 4.5 percent this year.

BusinessDesk.co.nz

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