Augusta to buy A$23 mln industrial property in Brisbane for syndication

Tuesday 2nd February 2016

Augusta Capital, the listed property investor and fund manager, will buy a A$23 million industrial property in Brisbane, which it plans to put up for syndication.

The Auckland-based company will offer the property to syndicate investors in mid to late March, with a view to raising A$14 million, it said in a statement. The acquisition is conditional on Augusta raising at least A$9 million by the end of May.

The Brisbane real estate is made up of two buildings, one whose tenant is in the second year of a 10-year lease, and the other which is being redeveloped ahead of a new nine-year lease expected to start at the end of June.

Last month, Augusta bought a $92.8 million property portfolio which it will pour into a new unlisted fund for investors this year.

Separately, Augusta was licensed by the Financial Markets Conduct Authority as a manager of other investment schemes covering property syndicates and managed funds.

The shares were unchanged at 99 cents, and have slipped 1 percent so far this year.

BusinessDesk.co.nz

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