$70m land deal in Auckland CBD

A private property investment syndicate run by Augusta Funds Management has paid $70 million for land at the Beaumont Quarter apartment project opposite Victoria Park in Auckland.

Mark Francis, of Augusta, said yesterday Beaumont Partners had bought the land from hotel and apartment developer Nigel McKenna.

The fund borrowed $43 million from ASB to complete the deal.

Borrowing about 60 per cent of the purchase price was the most efficient way to structure tax and other issues, Francis said.