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Announcement

ASSET: AUG: AUGUSTA''S LARGEST CAPITAL RAISING CLOSES OVERSUBSCRIBED

08 Aug 2016 08:56NZX
NZX RELEASE
8 August 2016

AUGUSTA''S LARGEST EVER CAPITAL RAISING CLOSES OVERSUBSCRIBED

Augusta Capital is pleased to confirm that Augusta Funds Management''s
syndicated offering of Building A, NZME Central, 4 Graham Street, Auckland
has attracted substantial interest and has now closed oversubscribed.

As previously announced, the property is being purchased from a subsidiary of
Mansons TCLM for $115,818,265. The property has a current WALT of just under
12 years and is leased to NZME, Meredith Connell and Pernod Ricard (with the
vendor currently leasing a vacant floor).  It has a 5 Green Star Design
Rating and a seismic rating of at least 100% of New Building Standards.

The offer raised $70 million of equity from investors. It is the largest
single capital raising undertaken by Augusta, exceeding the $60 million
raised earlier this year for Augusta Value Add Fund No. 1 and the previous
largest syndicate raising of $39 million for Building C, Spark City,
Auckland.

The capital raising continues Augusta''s success this year which includes
Value Add Fund No. 1 mentioned above, syndicated offerings of two New Zealand
properties raising NZ$22.5 million from existing and new investors and a
syndicated offering of an Australian property raising $AU14 million from New
Zealand investors.  This brings the total equity raised in the calendar year
to date to approximately NZ$167.5 million (taking into account the NZD/AUD
exchange rate).

Settlement of this transaction will occur on 15 August 2016.  Augusta
receives an offeror fee of $2.198 million for establishing the syndicate, an
underwriting fee of $750,000 as well as ongoing annual management fees.

-ENDS-

For further information please contact:

Mark Francis
Managing Director
End CA:00286861 For:AUG    Type:ASSET      Time:2016-08-08 08:56:25
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