Offer Open date: 26 February 2016
Manager: Centuria NZ (formerly known as Augusta Funds Management Limited)
A substantial industrial property on a 3.24 hectare site in a sought after Auckland industrial location. The property is leased to Oji Fibre Solutions (NZ) Limited (who was previously known as Carter Holt Harvey Pulp and Paper Limited) on a 15 year lease team from 1 April 2016 (with built in annual growth) and two rights of renewal of 10 years each.
This property was previously owned by another syndication managed by Augusta. A significant development of the property was agreed with the tenant, with investors given the option to re-invest their $50,000 investment unit in the new offer (and receive the capital gain) or receive the full proceeds from the sale to the new syndication ($59,360)
The projected pre-tax return for the first full year ending 31 March 2017 was 8.25%. The total equity raised was $17 million, comprised of 340 $50,000 units. There was immense interest in this offer which closed fully subscribed.