Offer Open date: 5 February 2016

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

Value Add Fund No.1 offered $60 million ordinary shares in a portfolio of five prime Auckland commercial and industrial buildings, with an independent valuation of $111,835,000.

The opportunity was open to Wholesale Investors only and required a minimum investment of $200,000. The Fund was structured as a closed end, fixed term fund whereby all assets are intended to have the value added (by re-leasing or re-zoning for example) and the asset sold within 5 years. The target internal rate of return was 11%-14% pa (after all fees and expenses, but before investor tax).

The Value Add Fund No.1 was the first multi-asset investment opportunity that Augusta (now known as Centuria) had undertaken. It received considerable interest and closed fully subscribed.

This Fund also achieved great results with all assets sold ahead of schedule (within circa 3 years) achieving an internal rate of return of 11.75%.

Details of how the return is calculated and the risks associated with the investment are set out in the original Information Memorandum.