Augusta to buy $A23m industrial property in Brisbane for syndication
The company will offer the property to syndicate investors in mid to late March.
Augusta Capital [NZX: AUG], the listed property investor and fund manager, will buy a $A23 million industrial property in Brisbane, which it plans to put up for syndication.
The Auckland-based company will offer the property to syndicate investors in mid to late March, with a view to raising A$14 million, it said in a statement. The acquisition is conditional on Augusta raising at least $A9 million by the end of May.
The Brisbane real estate is made up of two buildings, one whose tenant is in the second year of a 10-year lease, and the other, which is being redeveloped ahead of a new nine-year lease expected to start at the end of June.
Last month, Augusta bought a $92.8 million property portfolio, which it will pour into a new unlisted fund for investors this year.
Separately, Augusta was licensed by the Financial Markets Conduct Authority as a manager of other investment schemes covering property syndicates and managed funds.
The shares were unchanged at 99c, and have slipped 1% so far this year.
(BusinessDesk)
Paul McBeth
Tue, 02 Feb 2016
Tue, 02 Feb 2016
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