VALUE-ADD FUND NO.1
VALUE ADD FUND NO. 1 LIMITED
Location: Auckland (5 Properties)
Settlement: April 2016
Purchase Price: $109.3 million Current Valuation: $122.8 million Capital Raise: $60 million
This new wholesale fund was launched on 1 April 2016. Three assets are now unconditionally sold with deferred settlements, and another is now under contract. Augusta has delivered on the strategy of generating value add from the assets through re-positioning and / or capital improvements whilst taking advantage of current market conditions. It is anticipated the fund will be completed within the initially prescribed five year period.
“Yield with potential upside” – the Fund’s objective is to deliver a pre-tax internal rate of return of 11-14% pa (before any performance fee) through acquiring, redeveloping or implementing another value-add strategy (such as re-leasing or re-zoning) and then selling down a portfolio of five Auckland commercial properties.”
THE LAUNCH OFTHIS FUND UNDER THE BRANDING ‘AUGUSTA PRIVATE PARTNERS’ IS THE FIRST STEP IN A DIVERSIFICATION OF PRODUCT OFFERINGS.