Bayleys Funds and Investment Products - Previous Offers
Building A, 2-4 Graham Street, Central Auckland
Offer Open date: 27 May 2016
Manager: Centuria NZ (formerly known as Augusta Funds Management Limited)
Building A of the BDO Centre, located at 2-4 Graham Street Central Auckland, is a premium grade, 5 green star design rated office building.
At the time of the offer the property had new long term leases to well-known tenants. Firstly, NZME, the unified radio digital, Ecommerce 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 and Pernod Ricard (global alcohol brand owner) on 10 + 6 year lease. All leases provided for built in rental growth.
At the time of the offer, level three of the building was under negotiation and was subsequently leased to global business advisory firm BDO, an international network of public accounting, tax and advisory firms with 64,300 people working out of over 1,400 offices worldwide. Along with taking a 9 year lease, BDO also took the naming rights for the complex as a whole.
The $70 million (1,400 $50,000 units) capital raise was at the time our largest to date and at the time recorded the highest ever number of enquiries and investors in a single offer. This unprecedented demand led to the offer being oversubscribed.
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