Augusta capital raise for air traffic control centre closes oversubscribed
By Sophie Boot
March 26 (BusinessDesk) - Augusta Capital says the capital raising for its air traffic control centre in Christchurch has closed oversubscribed and it won't take up any units under its $15 million underwrite.
The offer, of a single-asset fund to purchase the land for $20.5 million and develop an air traffic control centre to lease to Airways Corp for 25 years, "attracted very strong interest" and closed on March 23, Augusta said. Settlement will occur on March 29.
Augusta said the raise "brings the total equity raised in the calendar year to approximately NZ$130 million across those single asset funds."
The Auckland-based company is shortly to release a product disclosure statement for its initial portfolio for the Augusta Industrial Fund. That fund includes four properties - three in Auckland and one in Wellington - with 100 percent occupancy, a weighted average lease expiry of 8.7 years, and 15 tenants. It wants to raise an initial $75 million, which it will underwrite by $35 million and says it will hold 10 percent of the fund for the long term.
The industrial fund PDS is expected to be registered prior to, or soon after Easter, the company said earlier this month.
Augusta shares recently traded at $1.075 and have gained 7.8 percent in the past twelve months.