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