AUG augusta capital limited

Ann: GENERAL: AUG: Augusta to Syndicate Southgate Centre,...

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    • Release Date: 24/12/14 08:40
    • Summary: GENERAL: AUG: Augusta to Syndicate Southgate Centre, Auckland
    • Price Sensitive: No
    • Download Document  1.63KB
    					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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