Capital Limited’s wholly owned subsidiary Augusta Funds Management has entered into an agreement to purchase a Countdown supermarket property located at 160 Peachgrove Rd, Hamilton.
The supermarket is currently under development but is expected to begin trading in early December 2015. The property will be leased to General Distributors, a subsidiary of Progressive Enterprises, with an initial lease term of 15 years commencing from the settlement date which is scheduled for December 22.
Augusta will offer the property to its investors by way of syndication, with an offer expected to open in late-November 2015.
The purchase price is $18 million reflecting a net yield of 7.13 per cent. The syndicated offer will seek to raise $11 million in investor equity. The offer will be fully underwritten by Augusta Capital.
