Augusta's $87 mln sale of Auckland Finance Centre falls through

The buyer of Augusta Capital's Auckland Finance Centre property has abandoned the deal, depriving the listed property investor and fund manager of $87 million from the proposed sale.

The Auckland based company said the due diligence condition of the sale wasn't satisfied and the conditional agreement has now been cancelled. The proceeds were to have been reinvested in Augusta's funds management business, in what the company previously said would provide enough headroom to "to enable the warehousing of assets for future syndication, greater levels of underwriting with respect to new deals as well as the ability to make direct investment in new fund initiatives."

The property included the Finance Centre Carpark, Finance Centre Podium, 19 Victoria Street West and retail title.

Augusta's shares fell 1 percent to 95 cents, and have slipped 1 percent this year.

BusinessDesk.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

GEN - Completion of Purchase of Premium Funding Business
Fletcher Building Announces Executive Appointment
WCO - Director independence determination
AIA - welcomes Ngahuia Leighton as 'Future Director'
Mercury announces Executive team changes
Fonterra launches Retail Bond Offer
October 29th Morning Report
BIF adds Zincovery to its investment portfolio
General Capital Resignation of Director
General Capital subsidiary General Finance update