Augusta Capital Ltd confirmed on Monday that it had completed the subdivision of its Finance Centre property in Auckland and new titles had been issued for its 4 parts – Augusta House, the podium retail, the Finance Centre podium and the Finance Centre carpark).
The company therefore confirmed 24 July as settlement date for the $30 million sale of Augusta House to Heng Yue Ltd (David (Duoyu) Bei). The settlement dates for the remaining 3 properties haven’t changed and are: Podium retail 1 April 2018, Finance Centre podium & Finance Centre carpark 1 April 2019.
The sale excludes the original Finance Centre office tower at 191 Queen St, now owned by Sir Bob Jones’s Robt Jones Holdings Ltd.
Augusta signed its $96 million sale package a year ago and collected a $3 million deposit on Augusta House from Heng Yue, which also paid the additional 10% deposits due last month.
Augusta managing director Mark Francis said: “While the delay in finalising the subdivision of the Finance Centre has been frustrating, Augusta has continued to receive all rent during this period and the settlement dates of the remaining 3 titles have not been affected.
“The proceeds will be applied towards debt repayment, with $10 million towards core debt and $17 million toward the facility drawn down for the underwrite of the 33 Broadway syndicate. As a result of this debt repayment, balance sheet capacity for future initiatives is increased.”
5 July 2017: Augusta closes Mercury HQ syndication 34% short, underwrites balance
25 July 2016: Finance Centre sale confirms Augusta’s full focus on funds management
Attribution: Company release.