- Release Date: 18/06/12 16:14
- Summary: ASSET: AUG: ACQUISITION & SYNDICATION OF 360 DOMINION ROAD, AUCKLAND
- Price Sensitive: No
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AUG 18/06/2012 14:14 ASSET REL: 1414 HRS Augusta Capital Limited ASSET: AUG: ACQUISITION & SYNDICATION OF 360 DOMINION ROAD, AUCKLAND Augusta Funds Management Limited ("AFM"), the funds management subsidiary of Augusta Capital, has entered into an unconditional contract to purchase the property at 360 Dominion Road, Auckland for $25.03 million. AFM intends to syndicate the property as a proportionate ownership scheme and Augusta Capital Limited has agreed to fully underwrite the offer. This will be the largest syndication in AFM's history and is regarded by Augusta Capital as an extremely high quality offering. The property consists of a large office complex located in the central Auckland suburb of Mt Eden and is 100% occupied by ASB Bank Limited ("ASB"). The property was constructed in various stages between 1967 & 1981 and underwent an extensive and award winning refurbishment in 1996 for the incoming tenant ASB. The building is situated on an 8,090m2 freehold mixed use site, with 3 street frontages including Dominion Road. AFM has at the same time entered into an unconditional Deed of Variation with the tenant ASB. Under the Deed of Variation the lease over the entire premises has been extended giving an effective new 12 year lease from 1 July 2012 with fixed annual rent increases. Settlement date for this acquisition is scheduled for 20 August 2012. -ENDS- For further information please contact: Christopher Francis General Manager Augusta Capital Limited T (09) 300 6161 F (09) 300 6162 E [email protected] End CA:00223982 For:AUG Type:ASSET Time:2012-06-18 14:14:11
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