The Directors are delighted with the end of year property valuations for the German portfolio which have just been received from Bulwien Gesa (Independent Property Valuers).

Augusta’s on-going asset management work in our asset portfolio together with professional tenant management has ensured high levels of occupancy and rewarding property and share valuations.

Our most recent syndicate launched in 2010, Augusta Returns Plus, has received an uplift of 60% in the end of year property valuations, bringing the current property value to €4.89 million.   This property, purchased at a keen price, benefits from its ideal location.  It is situated on Kölnische Straβe 13-15 in Kassel and comprises 4,456m² of mainly bank and office space.  Kassel is a flourishing town situated in Hessen and our property is located 300 yards from the recognized A-location retail zone in Kassel.

Also there have been notable increases within the Sixth Augusta Syndicate.  Our property, Am Ziegenmarkt 3, is up by 7.6% on last year, a reflection of the extensive refurbishment work on this listed building.  Kröpeliner Straβe 10 is up by 6.6%.   We have replaced the previous ground floor tenant and have now signed a lease with Tiger, a recognised homeware retail outlet with over 100 outlets in Europe.  A combination of the increased covenant of this lease with the fact that the upper floors are now let as office space has contributed to this increase. 

The third building within the Sixth Augusta Syndicate, Kröpeliner Straβe 60, will shortly be undertaking a refurbishment of the ground floors.  Planning permission has been submitted to convert the upper floor to residential space.  This work (once complete) will contribute considerably to the overall valuations of the Sixth Augusta Syndicate.

The property valuations for the Fourth Augusta Syndicate are up by 6% on last year.  This is a reflection of the lease that has been signed with a new nursing home operator, Anderson Holding.  Anderson Holding has agreed to fully modernize Hohenlockstedt and expand the operation by 40 beds.   Planning permission is imminent and once secure will considerably contribute to share valuations in this syndicate.

Overall, The Directors are delighted with the property valuations increases which reflect the ongoing diligent asset management carried out by Augusta in combination with a continued confidence in the German commercial property market.