Augusta Capital meets conditions to raise funds for Airways NZ ATM building

    Augusta Capital announced (31-Jan-2018) funding and investor approval conditions have been satisfied to set up a single-asset fund, to raise NZD22.75 million (USD16.7 million), for construction of Airways New Zealand‘s “Importance Level 4” building at Christchurch Airport. As previously reported by CAPA, the building will house part of Airways’ new ATM system. The new single asset fund is expected to be established by 29-Mar-2018, while expected development expenditure totals NZD19.23 million (USD14.1 million). In return, Airways has committed to:

    • An extended 25 year lease term on the new building and two existing buildings, effective from practical completion which is expected in mid 2019;
    • Nine year lease term on the remaining building, which commences at a date elected by Airways between 12 and 18 months after practical completion. [more – original PR]