Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Augusta Capital pays $15.4M for property investors

Augusta Capital buys KCL Property, Investment Property Titles for $15.4 mln

March 21 (BusinessDesk) - Augusta Capital, the New Zealand listed property investor and fund manager, will buy property investors KCL Property and Investment Property Titles for $15.4 million in cash and scrip, to boost their portfolio and expand into Australia.

The Auckland-based company will buy the KCL business from Bryce Barnett, Phil Hinton and Cheryl Macaulay for $10 million in cash and $5 million in Augusta shares, giving the KCL shareholders about 7.1 percent of the enlarged group. The IPT business is being bought from real estate group Bayley Corp. for $444,000.

The shares gained 4 percent to 79 cents, valuing the company at $64.2 million.

As part of the deal, which is expected to settle on April, Barnett and Hinton will join the Augusta executive team, and Barnett will also join the board.

“The deal is expected to be significantly EPS (earnings per share) enhancing for Augusta Capital,” the company said in a statement. “The move brings additional sources of revenue to Augusta alongside trans-Tasman expansion opportunities as a result of KCL Property’s Australian business.”

Once completed, Augusta will manage about 170 properties, and have some $1.2 billion in funds under management.

Augusta has also entered into a deal with Bayley where the listed company will become the exclusive partner for Bayley for all future funds management initiatives, including managed property offers to the market.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news