Augusta's $87 mln sale of Auckland Finance Centre falls through

The buyer of Augusta Capital's Auckland Finance Centre property has abandoned the deal, depriving the listed property investor and fund manager of $87 million from the proposed sale.

The Auckland based company said the due diligence condition of the sale wasn't satisfied and the conditional agreement has now been cancelled. The proceeds were to have been reinvested in Augusta's funds management business, in what the company previously said would provide enough headroom to "to enable the warehousing of assets for future syndication, greater levels of underwriting with respect to new deals as well as the ability to make direct investment in new fund initiatives."

The property included the Finance Centre Carpark, Finance Centre Podium, 19 Victoria Street West and retail title.

Augusta's shares fell 1 percent to 95 cents, and have slipped 1 percent this year.

BusinessDesk.co.nz

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