Monday 26 September 2016 09:35 AM
Augusta pays premium to take 9.3% stake in NPT for $11 mln
By Paul McBeth
Sept. 26 (BusinessDesk) - Augusta Capital paid 14 percent above the market price to take a 9.3 percent stake in listed
property investor NPT.
The Auckland-based fund manager and property investor paid 73 cents apiece for the shareholding, more than the 64 cents
the shares last traded at, saying "Augusta saw value in acquiring a cornerstone stake in NPT that became available". The
deal will settle on Sept. 30, Augusta said in a statement. First NZ Capital acted for Augusta.
Accident Compensation Corp sold 15 million shares for almost $11 million. The investment arm of the state-owned
workplace insurer first emerged as a substantial shareholder in NPT in May 2010, buying about 10.9 million shares for
$5.3 million, or about 49 cents apiece.
Augusta diversified into funds management last year when it bought KCL Property and Investment Property Titles, giving
it about 165 properties to manage, with some $1.1 billion in funds under management. Since then it has been focusing on
property syndication to grow that funds management business, which it sees as less demanding on capital than direct
property investment.
NPT appointed Tony Osborne as chief executive last month, a role he'd been acting as since March. The property investor
has been focusing on upgrading its Eastgate shopping centre in Christchurch and refurbishing its AA Centre building in
Auckland to take advantage of that city's strong office leasing market.
Augusta shares last traded at $1.07, having gained 7 percent so far this year.
(BusinessDesk)
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