SYDNEY: Centuria Capital Group’s New Zealand subsidiary, Augusta Capital, has settled the acquisition of the NZ$178 million Visy Glass manufacturing plant in Penrose, Auckland.
The property was acquired by a new single-asset unlisted fund –Augusta Penrose Limited (the Fund).
The Fund had a total equity requirement of NZ$109.3million.The Fund is forecast to provide investors an initial forecast pre-tax cash distribution of 5.00% per annum.
Joint CEO Jason Huljich, said, “We are pleased to report the success of the largest unlisted fundraising the Group has undertaken in its 22-year history. It is a testament to the strength of our New Zealand business having only recently acquired Augusta in 2020. The Visy transaction helped underpin the Group’s latest earnings upgrade and is an excellent example of how executing our corporate acquisitions strategy provides improved earnings accretion for security holders.”
Augusta Capital Managing Director Mark Francis commented, “The Visy Glass industrial property presented a rare investment opportunity to the local market by providing a strong tenant covenant with a 20-year triple net lease, offering certainty of income, and a strong location in the pre-eminent Penrose market.
The Fund also attracted the largest number of new investors to date and we welcome them to the Centuria fold.”
Centuria is a leading Australasian real estate funds manager and the company intends to rebrand the Augusta business as “Centuria” in the near future.
Centuria is simultaneously closing an over-subscribed $40 million equity raising for a new Australian unlisted fund -the Centuria Industrial Income Fund which will hold $63 million of industrial property.
Capital Group (CNI) is a leading real estate funds manager with a unique Australasian focus and over $10 billion of assets under management. www.centuria.com.au