A private investor agreed to acquire Auckland Finance Centre Building from Augusta Capital Limited (NZSE:AUG) for NZD 96 million on June 15, 2016. Out of the consideration, AUD 6.6 million is payable as non-refundable deposit in June 2017. The purchase price will break down to NZD 30 million from sale of Augusta House, on October 1, 2016, NZD 25 million from sale of Podium Retail on April 1, 2018, NZD 30 million from sale of Carpark at 22 Durham City on April 1, 2019 and remaining NZD 11 million from podium sale on April 1, 2019. On July 10, 2017, the deal is partially completed as Augusta House sale is completed. The transaction is subject to approval from shareholders of Augusta Capital Limited in a special meeting expected to be held in late July and the agreement becoming unconditional. The transaction is staged, with each of the four components of the Finance Centre being sold in different tranches between October 2016 and April 2019. The Directors of Augusta Capital have unanimously recommended that shareholders vote in favor of the resolution in the special meeting to be held on July 25, 2016. As of July 25, 2016, the shareholders of Augusta capital approved the deal. As of September 30, 2016, the settlement date of the transaction was extended to mid-late November 2016. The proceeds will be used for debt payment of AUD 9.6 million and acquisitions.