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AUG
01/05/2013 10:07
GENERAL
REL: 1007 HRS Augusta Capital Limited
GENERAL: AUG: COMPANY UPDATE
DRAFT YEAR-END PROPERTY VALUATIONS
Augusta Capital has now received draft independent valuations, undertaken for
31 March 2013 financial year end reporting purposes, for both its directly
owned property portfolio, and for its managed property syndicates.
The independent valuations of the Company's directly owned property portfolio
has resulted in a revaluation uplift of 2.0% or $1.86 million. This uplift
was in addition to the $1.1m capex spend which took place over the course of
the year. The valuation of the portfolio now stands at $97.485 million. The
weighted average capitalisation rate across the portfolio reduced to 8.39%
from 8.58% at March 2012, which principally reflects the improvement in the
overall property market.
The average revaluation gain for the year ended 31 March 2013 with respect to
the syndicated portfolio was an uplift of 2.4%. The total value of the
syndicated portfolio including the soon to be completed Carter's Penrose
offer is now $227.0 million, with a WALE of 9.2 years, occupancy of 99.7% and
a weighted average gearing level of 42.8%.
The valuation movements for both the directly owned portfolio and the
syndicated portfolio remain subject to finalisation and independent audit.
The company expects to release its preliminary financial result for the year
ended 31 March 2012 on 17 May 2013.
NEW SYNDICATIONS
The company's subsidiary Augusta Funds Management Ltd expects to close the
Carter's Penrose syndication no later than 24 May 2013, with settlement
followed shortly after. This latest syndication offer has received very
strong interest from investors.
The company also recently settled the purchase of the land and buildings at
12 Brick Street, Henderson which is subject to a new 15 year lease to D&H
Steel Construction Ltd. The company intends to syndicate this property
immediately following the close of the Carter's Penrose offer.
FOURTH QUARTER DIVIDEND
The company intends to pay a dividend for the quarter ended 31 March 2013 of
1.0 cent per share of cash, with no imputation credits available to be
attached. The record date for the dividend will be Wednesday 15 May 2013,
with payment scheduled for Wednesday 22 May 2013. An appendix 7 for this
distribution has been provided.
-ENDS-
For further information please contact:
Christopher Francis
General Manager
Augusta Capital Limited
E [email protected]
T +649 300 6161
F +649 399 6162
End CA:00235717 For:AUG Type:GENERAL Time:2013-05-01 10:07:08
