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

 

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fletcher Whittled: Fletcher Dumps Adamson In Face Of Dissatisfaction

Fletcher Building has taken the unusual step of dumping its chief executive, Mark Adamson, as the company slashed its full-year earnings guidance and flagged an impairment against Australian assets. More>>

ALSO:

No More Dog Docking: New Animal Welfare Regulations Progressed

“These 46 regulations include stock transport, farm husbandry, companion and working animals, pigs, layer hens and the way animals are accounted for in research, testing and teaching.” More>>

ALSO:

Employment: Most Kiwifruit Contractors Breaking Law

A Labour Inspectorate operation targeting the kiwifruit industry in Bay of Plenty has found the majority of labour hire contractors are breaching their obligations as employers. More>>

ALSO:

'Work Experience': Welfare Group Opposes The Warehouse Workfare

“This programme is about exploiting unemployed youth, not teaching them skills. The government are subsidising the Warehouse in the name of reducing benefit dependency,” says Vanessa Cole, spokesperson for Auckland Action Against Poverty. More>>

ALSO:

Internet Taxes: Labour To Target $600M In Unpaid Taxes From Multinationals

The Labour Party would target multinationals operating in New Zealand to ensure they don't avoid paying tax if it wins power and is targeting $600 million over three years through a "diverted profits tax," says leader Andrew Little. More>>

ALSO: