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Augusta Capital Buys NZME House in Auckland
- Published April 18, 2016 10:56AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
18th April 2016, NBR By Paul Macbeth and Sally Lindsay
Listed property investor and fund manager Augusta Capital [NZX: AUG] has bought NZME House in Auckland for $115.8 million and plans to bundle the property into a syndication investment.
Augusta bought the building at Graham Street in the CBD from a subsidiary of property developer and rich listers Manson TCLM, with the deal to settle on August 15, it says.
The firm will pay for the building through a planned $70 million syndication on investor equity to be raised in units of $50,000 each, opening at the beginning of June. The balance will be funded by debt. The syndication is fully underwritten, with Augusta providing a $25 million backstop.
NZME House is tenanted by NZME/APN over three floors, Pernod Ricard and Meredith Connell on one floor each while one level is vacant. As a pre-condition to the settlement, Manson TCLM is looking to find a new tenant for the vacant floor on a nine-year lease, and is in talks with potential parties, Augusta says.
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