Offer Open date: 12 October 2016

Manager: Centuria NZ (formerly known as Augusta Funds Management Limited)

Following the oversubscription of Building A, 2-4 Graham Street, Bayleys marketed the offer of Buildings B and C in this same substantial complex.

At the time of the offer the property was a newly built, 5 star green design rated, premium grade office building incorporating ground floor retail located on a high profile corner site in Central Auckland. The BDO Centre was awarded the “Best of the Best” Award at the 2016 Property Council New Zealand Rider Levett Bucknall Property Industry Awards, a prestigious acknowledgement of the property, its quality and functionality.

The property had new long term leases in place to several well-known tenants. These included NZME Limited, the unified radio, digital, E-commerce and print operation (includes New Zealand Herald, Newstalk ZB, Grabone) on a 15 year lease with 2 rights of renewal of 6 years each, final expiry 2042. Also Meredith Connell (Crown Solicitors) on 12 + 6 year lease, Kotahi Logistics (freight management partnership formed between Fonterra and Silver Fern Farms) on a 9 + 6 year lease and Maersk Line (the world’s largest container shipping company) on a 9 year lease. Furthermore there were various retail tenancies including Pita Pit, sushi and a full service bar. All leases provided for built in rental growth.

The total investor equity raised was $52.5 million (1,050 $50,000 units). This offer received overwhelming interest and closed with all units allocated.