Augusta Funds Management Ltd will open the Augusta Property Fund for investment next Wednesday, closing on 20 March, but still hasn’t set a date for the launch of its tourism fund.
Augusta Funds Management is a subsidiary of NZX-listed Augusta Capital Ltd, which last week announced its proposed takeover by ASX-listed Centuria Capital Group.
The word diversified has been dropped from the open-ended property fund’s name. It will initially have 2 directly owned assets with 40 tenants, the Albany Lifestyle Centre in Auckland, bought from Argosy Property Ltd last year for $89 million, and the Anglesea Medical Centre in Hamilton, on which Augusta conducted due diligence at the end of last year.
Augusta’s intention is to expand the fund to cover a spread of property sectors, locations & property investment types.
Minimum investment is $10,000 and the forecast pretax cash return is 5.75% paid monthly.
The Albany Lifestyle Centre is a large format retail hub with 12 tenants, anchored by Mitre 10 Mega with an initial 15-year lease term from 1 May 2018 to 2033.
The Anglesea Medical Centre has 28 tenants in 3 main buildings on a 2.4ha site.
August Property Fund
3 February 2020: Strong NZ connections already for Augusta bidder Centuria
27 September 2019: Augusta signs Queenstown hotel manager, sets Tourism & new diversified fund targets
24 May 2019: Augusta buys Albany Lifestyle Centre from Argosy for new fund