Augusta buys Lufthansa house in Auckland CBD for $16.5M

Augusta Capital, the listed property and funds manager, has bought a 15 level building in central Auckland for $16.5 million from Cook Property Group.

The Auckland based firm has entered into an unconditional agreement, via its subsidiary Augusta Funds Management, to buy 36 Kitchener Street, which has a weighted average lease term of 1.8 years, it said in a statement. According to Cook Property Group's website, it currently owns the building known as Lufthansa House.

Augusta, formerly known as Kermadec Property Fund, owns four other commercial properties in Auckland, including the Finance Centre in the CBD, and has been reviewing its portfolio with a view to moving more assets into property syndicates rather than long-term investment.

Augusta shares last traded at 97 cents, valuing the company at $84.8 million, and have climbed 97 percent in the past five years.

BusinessDesk.co.nz

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