Offer Open date: 5 February 2016
Manager: Centuria NZ (formerly known as Augusta Funds Management Limited)
Value Add Fund No.1 offered $60 million ordinary shares in a portfolio of five prime Auckland commercial and industrial buildings, with an independent valuation of $111,835,000.
The opportunity was open to Wholesale Investors only and required a minimum investment of $200,000. The Fund is structured as a closed end, fixed term fund whereby all assets are intended to have the value added (by re-leasing or re-zoning for example) and the asset sold within 5 years. The target internal rate of return was 11%-14% pa (after all fees and expenses, but before investor tax).
The Value Add Fund No.1 was the first portfolio investment opportunity Augusta had undertaken. It received considerable interest and closed fully subscribed.