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- 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
