News and Announcements
Augusta Adds Another Australian Property to Portfolio
- Published August 21, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Augusta Funds Management is being set to capture the growth in the early education sector – the company has recently purchased a large industrial complex in Brisbane.
KEY TAKEAWAYS:
- The 8, 764 square meter building is 10 years old and was bought for A$28.5million.
- Augusta currently has 12 Brisbane properties under management.
- Augusta will seek to raise A$17.75m (NZ$18.93m) to fund the purchase by offering 355 units worth A$50,000.
Managing Director, Mark Francis said:
“In our opinion, the Queensland industrial property sector continues to experience strong levels of leasing and sales activity which has resulted in falling vacancy rates and rising rentals,” he said.
“The properties we currently manage there are performing well, with the majority showing good capital growth in recent years.”
Meanwhile, property and fund manager Property Managers Group (PMG) launched an investment fund for wholesale investors targeting purpose-built childcare facilities.
PMG Direct Childcare Fund will acquire two new centres in Auckland and Christchurch and will offer up to 10 million units at $1 per unit.
PMG chief executive Scott McKenzie said as a property investment class, early learning centres were highly-sought after by investors.
“The sector is viewed as more stable than other asset classes given the strength of the generally long-term leases, strong government funding and New Zealand’s relatively high childcare participation rate.”
McKenzie said it was a growth industry, with the Government’s goal to ensure almost all children between 3 and 5 attended early learning centres prior to school.
“There is no doubt that there is a shortage of quality early learning centres in New Zealand, especially in Auckland and Christchurch,” he said.
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