Augusta Capital Ltd confirmed last Thursday that its sale of the retail title at the Finance Centre in downtown Auckland settled that day.
The remaining 2 titles at the Finance Centre that Augusta still owns – the podium & the carpark – are contracted to settle on 1 April 2019.
Augusta managing director Mark Francis said the company had applied $18 million of the $25 million retail title sale price towards debt repayment, but overall facility limits had only been reduced by $10 million: “Drawn debt is now $42.4 million, which represents an effective loan:value ratio of 30%. The sale proceeds will provide further balance sheet capability in respect of Augusta’s strategic objectives for its funds management business.”
The first sale settled, of the 4 parcels Augusta Capital agreed to sell in 2016 for $96 million, was the $30 million sale of Augusta House on Victoria St to Heng Yue Ltd (David (Duoyu) Bei) in July 2017.
The sale excludes the original Finance Centre office tower at 191 Queen St, now owned by Sir Bob Jones’s Robt Jones Holdings Ltd.
25 July 2017: Augusta confirms first sale in Finance Centre package settled
Attribution: Company release.