Tuesday 2nd February 2016
|Text too small?|
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.
No comments yet
NZ dollar weakens on global tensions, weak local manufacturing
General Capital (GEN:NZ) releases strong preliminary result
Burger Fuel turns to profit as it changes direction
Contact secures winter gas from OMV
Arrow International liquidators find $40M of notional assets
Forestry encroachment an issue for councils - Sage
NZSA concerned Kiwi Property paying too much in dividends
NZ food prices rise an annual 1.7% in May, rental inflation steady
Provincial centres lead the way in UFB uptake
Manufacturing grows at slowest pace in more than six years