- New Zealand subsidiary Augusta settles NZ $178million Visy Glass industrial asset
- Centuria’s largest unlisted single-asset fund to date, comprising 820 retail investors
- NZ $109million New Zealand equity raising
- 5.00% p.a. initial forecast pre-tax cash distribution for Visy fund1
ASX Announcement
Centuria Capital Group (ASX: “Centuria” or “the Group”) announces its New Zealand subsidiary, Augusta Capital, has settled the acquisition of the NZ $178 million1 Visy Glass manufacturing plant in Penrose, Auckland2 . 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$109.3 million. The Fund is forecast to provide investors an initial forecast pre-tax cash distribution of 5.00% per annum1.
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 securityholders.”
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.
1 These cash distributions are not guaranteed. The actual distribution rate may vary. A cash distribution is assumed to be accrued from 27 February 2021, the day immediately following settlement. The increase in distributions over the forecast period does not guarantee further increases. Distributions may continue to increase, remain the same or decrease following the forecast period. Details on how the forecast pre-tax cash distributions are calculated (including the key assumptions upon which they are based), and the risk associated with the investment are set out in the Product Disclosure Statement. The forecast pre-tax cash distributions are based on prospective financial statements prepared by Augusta Penrose in accordance with Financial Reporting Standard 42: Prospective Financial Statements, which are available on the Offer’s register at disclose-register.companiesoffice.govt.nz. The key assumptions on which the forecast pre-tax cash distributions are based include that interest rates are 2.67% per annum until 31 March 2023, increasing to 2.72% from 1 April 2023. If interest rates are higher in the forecast period than has been assumed then distributions may differ
2 Details relating to this acquisition were previously announced on 22 October 2020.
Centuria NZ and Hancocks create sustainable industrial warehouse in Mangere
Centuria NZ Industrial Fund (“Centuria”) and Hancocks, who are one of the largest distributors of wine and spirits in New Zealand, are working together to further enhance the new, purpose-built 9,811sqm industrial warehouse in Mangere, Auckland, with a focus on reducing the building’s environmental footprint with sustainability initiatives. The 78 Tidal Road property was acquired by Centuria in November 2020.
6-8 Munroe Lane has officially obtained a 5 Green Star – Design & As Built NZv1.0 Certified Design Review rating
We are pleased to announce that Asset Plus‘ 6-8 Munroe Lane project in Albany, Auckland, managed by Centuria New Zealand, has officially obtained a 5 Green Star – Design & As Built NZv1.0 Certified Design Review rating. The green building rating scheme certifies projects that slash waste to landfill, responsibly sources materials and create spaces that better serve the environment and end user.
New healthcare property fund kicks off with substantial aged-care investment
Following on from successful capital raises within both the commercial and industrial property sectors totalling around $240 million last year, a new Centuria managed fund will be seeking $121 million from investors for the launch of a new healthcare property fund. The funds will be used to acquire a total of 23 properties, comprising aged care facilities located throughout New Zealand,
International Women’s Day 2022
This International Women’s Day we asked five Centurians to share their thoughts on being a working woman in 2022. Hear from our colleagues in Auckland, Sydney, Brisbane, Melbourne and Perth.
Centuria Secures $291m Aged Care Property Portfolio
$291m aged care portfolio acquisition; 38 facilities across NZ; blue-chip operator Heritage Lifecare 30-year1 sale and leaseback transaction; triple-net leases; 100% occupancy2 Acquired by two Centuria unlisted funds: Centuria New Zealand Healthcare Property Fund (NZ) – 25 assets Centuria Healthcare Property Fund (Australia) – 13 assets Leading Australasian real estate funds manager,
Billion-dollar Queenstown development dubbed ‘Alpine Britomart’ a step closer to reality
Lakeview | Taumata, the stunning residential, hospitality, and retail precinct planned as an expansion to Queenstown’s CBD has taken a significant step forward with the first stages referred into the Government’s expert consenting panel for consideration under the Fast Track Consenting Act 2020 (FTCA). Lakeview | Taumata sits on a 10-hectare elevated terrace at the edge of the CBD offering iconic views across Lake Whakatipu and the Remarkables.
Centuria NZ Settles the Acquisition of Brand New Industrial Asset on Tidal Road
The Centuria NZ Industrial Fund is pleased to announce the settlement of 78 Tidal Rd, Mangere, Auckland which was finalised on the 22nd of October for $48.9m. The property forms part of South Auckland’s latest high quality industrial and logistics hub and comprises a brand new, architecturally designed 15,000 sqm industrial facility of two warehouses with adjoining offices on a 4.98ha site.
A trans-Tasman ambition fulfilled
Mark Jennings | Newsroom An Australian property company founded by Kiwis aims to become truly Australasian following its local acquisition, Mark Jennings reports. (Content partnership) Fresh out of Auckland University, 21 year old Jason Huljich headed to Australia and got a job with another expat Kiwi trying to sort out problem properties in Sydney – properties that had fallen into disrepair or had lost tenants.
