John McBain, Centuria Joint CEO, said, “Centuria is on track to secure approximately 63.9% of Augusta’s shares (including Centuria’s existing 23.3% shareholding), since we made our formal offer yesterday. To further progress the takeover, we intend to vary our cash offer and make this offer unconditional if 63.5% of Augusta’s shares (including Centuria’s existing 23.3% shareholding) are secured. We believe the increase to $NZ0.22 cash for the remaining shares is a fair offer in the current market.”
Progress of the offer
At the time Centuria NZ made its initial offer, it had unconditional commitments to accept the offer which, together with its existing 23.3% shareholding, amounted to 42.8% of the Augusta shares. Since then, shareholders holding a further 0.2% of Augusta shares have unconditionally agreed to accept the offer.
In addition, shareholders holding a further 20.9% of the Augusta shares have agreed to accept the offer if Centuria increases the cash component of the offer from NZ$0.20 to NZ$0.22 per Augusta share and Centuria declares the offer unconditional.
The total shareholdings of shareholders who have agreed to accept the offer (whether unconditionally or conditionally), when aggregated with Centuria’s existing 23.3% shareholding, represent 63.9% of the shares in Augusta.
Centuria NZ’s intentions
Centuria NZ intends to vary the offer to increase the cash component from NZ$0.20 per Augusta share to NZ$0.22 per Augusta share. Following that variation, the offer consideration will be NZ$0.22 in cash plus 0.392 Centuria stapled securities per Augusta share.
Centuria intends to send a formal notice of the offer variation to Augusta shareholders within the next week. All shareholders accepting into the offer will receive the higher cash component if the offer becomes unconditional.
Centuria NZ also intends to declare the offer unconditional in all respects (absent a prior condition breach) if it receives acceptances to the offer which, together with Centuria’s existing shareholding in Augusta, amount to 63.5% of Augusta’s shares.
Centuria reserves the right to declare the offer unconditional at an earlier time.
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.
