AUG
02/11/2015 08:30
ASSET
PRICE SENSITIVE
REL: 0830 HRS Augusta Capital Limited
ASSET: AUG: Augusta to Syndicate Christchurch Industrial Property
Augusta Capital Limited is pleased to announce that its wholly owned
subsidiary Augusta Funds Management Ltd has entered into an agreement to
purchase an industrial property located at 146 Shands Road, Christchurch. The
property is leased to General Distributors Limited, a subsidiary of
Progressive Enterprises Limited, with a remaining lease term of 8.6 years
from the settlement date which is scheduled for 22 December 2015. Progressive
Enterprises Limited guarantees the lease.
Augusta will offer the property to its investors by way of syndication with
an offer expected to open in mid November 2015. The agreement is
unconditional from the vendor's perspective but remains conditional on
Augusta successfully completing its capital raising prior to 15 December
2015.
The purchase price is $39.525 million reflecting a yield of 7.21%. The
syndicated offer will seek to raise $25.15 million in investor equity of
which $6 million will be subscribed for by the vendor.
-ENDS-
For further information please contact:
Mark Francis
Managing Director
End CA:00272629 For:AUG Type:ASSET Time:2015-11-02 08:30:01
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