Monday 20th July 2015 |
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Augusta Capital, the listed property investor and fund manager, has bought industrial property in Australia's Brisbane which it plans to offer through a syndication later this year.
The Auckland based company entered into an unconditional agreement to buy the Willawong site for A$10.66 million, and will lease the location to coatings and chemical manufacturer Akzo Nobel for an initial term of eight years, it said in a statement. The deal is expected to settle on Dec. 1 and the purchase price represents a yield of 7.14 percent before stamp duty.
Augusta plans to raise A$675 million in a syndicated offer of the property to investors, which will likely open in September.
Last year, Augusta bought property investors KCL Property and Investment Property Titles for a combined $15.4 million in cash and scrip, giving it about 165 properties to manage, with some $1.1 billion in funds under management.
Augusta shares last traded at $1, and have increased 3.1 percent this year.
BusinessDesk.co.nz
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