ASX-listed real estate investment manager Centuria Capital has renewed its bid for the full acquisition of New Zealand’s Augusta Capital for NZ$130m ($83.5m).

Centuria is now offering a share to buy the remaining shares in Augusta for an implied price of NZ$1 per Augusta share.

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This is half the previous offer, which was launched in January and withdrawn in March due to market volatility caused by the Covid-19 crisis.

Under the new offer, each Augusta share will fetch NZ$0.20 in cash and 0.392 of a Centuria stapled security.

The deal, if materialised, is said to boost Centuria’s assets under management by 24% to A$8.9bn.

The merged entity would have “greater asset sector diversification”, noted Centuria while highlighting the benefits of the takeover.

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The offer is supported by Augusta’s founding shareholders as well as other Augusta’s shareholders who along with Centuria’s shareholding account for 42.2% of Augusta’s total shares on issue.

Centuria joint CEO John McBain said: “An acquisition of the remaining interest in Augusta is consistent with our strategy and the two groups are extremely compatible. This strategy is based on a positive post COVID-19 outlook and Centuria will benefit greatly from a 24% increase in AUM as well as a broad Australasian footprint.

“Recently, the Augusta Board and management team took decisive action to minimise the impact of COVID-19 by significantly reducing corporate debt and releasing surplus cash to aid growth in the core businesses. Accordingly, its NZ platform is now well placed to take advantage of opportunities as COVID-19 unwinds.”

Centuria offers listed and unlisted real estate funds along with tax-effective investment bonds. The business manages A$7.2bn in assets.

It picked a 23.3% stake in Augusta Capital last month through a capital raising.