Augusta Capital Ltd said yesterday its transaction to buy 54 Cook St, at the top of the Auckland central business district, was unconditional and would settle today.
After leasing the former Radio NZ studios building to tourism company Jucy Group Ltd in September, Augusta decided to buy the building from the Augusta Value Add Fund No 1 Ltd to seed a tourism fund.
Jucy will operate a Snooze hotel business at the Cook St building. It’s better known operation is the Jucy rental vehicles business.
Augusta said it could proceed with the latest transaction, the purchase of the last unsold property held by the value–add fund, after the last condition, on the cost estimate, was satisfied.
23 October 2018: Fund shareholders approve sale to initiate Augusta tourism fund
24 September 2018: Pod hotel the opportunity for Augusta to close value-add fund with strong return and open tourism fund
Attribution: Company release.