AUG
16/06/2014 10:41
ASSET
REL: 1041 HRS Augusta Capital Limited
ASSET: AUG: Auguta Group Agrees to Buy Building C - Telecom Place
Augusta Capital Ltd is pleased to announce that its wholly owned subsidiary
Augusta Funds Management Ltd has entered into an unconditional agreement to
purchase Building C, Telecom Place, 167 Victoria St, Auckland. The property
is being purchased from Mansons Holdings Ltd for approximately $65,000,000.
The lease for the property is being varied to provide a ten (10) year lease
to Telecom New Zealand until 31 May 2024 with the rent during the term
increased annually by 3% (with the first increase on 1 November 2014). The
vendor has agreed to provide a 10 year capex guarantee, effectively making
the lease "triple net" for its initial term. Augusta Funds Management
intends to offer the property to the market by way of syndication prior to
the scheduled 1 October 2014 settlement date. The syndicated offer will
require $39m of investor equity to be raised in units of $50,000 each. The
offer is fully underwritten, with Augusta Capital agreeing to underwrite $25m
of the required $39m. The balance is being funded through new debt
facilities. The offer is expected to open in mid-July 2014.
The company is excited about both the scale and quality of this offer.
-ENDS-
For further information please contact:
Mark Francis
Managing Director
Augusta Capital Limited
E: [email protected]
T: +649 300 6161
End CA:00251622 For:AUG Type:ASSET Time:2014-06-16 10:41:01
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