Centuria to takeover Augusta Capital
Centuria Capital Group will make a takeover offer to acquire New Zealand real estate fund management platform Augusta Capital Limited for $174 million.
An announcement to the Australian Securities Exchange (ASX) said the two parties had entered into a Bid Implementation Agreement. The transaction would deliver immediate scale for Centuria across the New Zealand market, with a concentration towards Auckland.
It said Centuria’s assets under management would increase 26% to $9.2 billion.
It noted that Augusta shareholders would be able to elect to receive either up to NZ$2.00 ($1.94) in either cash or Centuria scrip via a ‘mix and match’ facility.
Centuria join chief executives, John McBain and Jason Huljich, said: “We are attracted to Augusta’s leading position in New Zealand, its strong distribution platform and its fund origination capability”.
“Centuria and Augusta have proven themselves as leading real estate fund managers in their respective countries and by combining them we see an opportunity to significantly grow the enlarged group in Australasia. Crucially, both teams have similar cultures and investment philosophies which will continue to underpin this growth strategy.”
Recommended for you
Betashares chief executive, Alex Vynokur, has said that the firm is focused on financial advisers “more than ever” as it grows the business, having announced a merger with managed account provider InvestSense.
L1 Capital has confirmed it intends to vote against the conversion of the Platinum Capital LIC into a listed ETF, meaning the deal “has a high probability of failing” due to L1’s substantial shareholding.
Pinnacle Investment Management has continued its focus on international expansion with the appointment of a managing director from T. Rowe Price.
Financial research firm Wealth Data, which publishes the weekly financial adviser numbers, has been sold to fintech firm Padua Solutions.
