AUG
24/12/2014 08:40
GENERAL
PRICE SENSITIVE
REL: 0840 HRS Augusta Capital Limited
GENERAL: AUG: Augusta to Syndicate Southgate Centre, Auckland
Augusta Capital Ltd is pleased to announce that its wholly owned subsidiary
Augusta Funds Management Ltd has entered into an unconditional agreement to
purchase the Southgate Centre in Takanini, Auckland. The property is being
purchased from Retail Holdings subsidiaries for $58,500,000. The property is
a fully occupied multi-tenanted retail centre with brand names such as
Briscoes, Repco, Mad Butcher, Subway, ANZ Bank and Carls Jr. The property
will also include a lease to the Anchor tenant, Mitre 10 Mega which is being
varied to provide a 13.5 year lease until 30 May 2028 with the rent during
the term increased annually by CPI with a market review at the end of year 5.
Augusta Funds Management intends to offer the property to the market by way
of syndication prior to the scheduled 30 April 2015 settlement date. The
syndicated offer will require $34.3m of investor equity to be raised in units
of $50,000 each. The offer is fully underwritten, with Augusta Capital
agreeing to underwrite $23m of the required $34.3m. The balance is being
funded through new debt facilities. The offer is expected to open in late
February / early March 2015.
The company is excited about both the scale and quality of this offer in
light of the recent success of the similarly sized Spark City syndication.
-ENDS-
For further information please contact:
Mark Francis
Managing Director
Augusta Capital Limited
E: [email protected]
T: +649 300 6161
End CA:00259379 For:AUG Type:GENERAL Time:2014-12-24 08:40:04
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