Listed property investment and funds manager Augusta Capital has bought a 15-storey office building in central Auckland for $16.5 million from the Cook Property Group.
The building in Kitchener Street has a weighted average lease term of 1.8 years and the yield is 7.06 percent.
Augusta says it will hold the the property and look at its options and what type of offer it might to investors.
Augusta, formerly known as the Kermadec Property Fund, has four other commercial properties in Auckland and is reviewing its portfolio, looking at putting more assets into property syndicates rather than long-term investment.