Augusta launches $109.3m Penrose syndicate

Augusta launches $109.3m Penrose syndicate
Jenny Ruth
Augusta Capital has launched the $109.3 million syndication of the Visy glass factory it bought last October for $178.3 million.The new fund, Augusta Penrose, won't be listed on any stock exchange but Augusta said it "operates an active secondary market facility" to match buyers and sellers in its funds.The key lure for investors is that the fund is offering an initial pre-tax cash return of 5 percent, rising to 5.5 percent in the year ending March 2024.The highest interest rate available from the mainstream banks currently for de...

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