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Argosy Property : Market update - Further non Core divestments and strategic acquisition
|11/12/2018 | 03:39pm|
13 November 2018
Market update - Further non Core divestments and a strategic acquisition
Argosy Property Limited (Argosy) has announced the sale of two non-Core regional assets, 1478 Omahu Road in Hastings and 31 El Prado Drive in Palmerston North. 1478 Omahu Road has been sold for $10.2 million which represents a 12% premium over book value. Settlement will take place in March 2019.
The property at 31 El Prado drive has been sold for $35.5 million, which represents a 25% premium over book value. Settlement will take place in December 2018.
The divestment of these regional assets means that Argosy has only 3 properties outside its core Auckland and Wellington markets.
In September Argosy acquired a freehold 15,838 square metre industrial yard in September in Roscommon Road, Wiri for $8.6 million. The site is currently leased to NZX listed Turners Automotive Group (TRA.NZ) on a 15-year lease, providing a holding return of 5% with fixed reviews of 2.5% per annum, with a market review in year 6.
Argosy Chief Executive Officer Peter Mence said "We are pleased to have commenced what we envisage to be a mutually beneficial long-term relationship with an organisation that has a significant real estate footprint across New Zealand."
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Enquiries Peter MenceDave Fraser
Chief Executive Officer Argosy Property Limited Telephone: 09 304 3411 Email:email@example.com
Chief Financial Officer Argosy Property Limited Telephone: 09 304 3469 Email:firstname.lastname@example.orgStephen Freundlich Head of Investor Relations Argosy Property Limited Telephone: 09 304 3426
Argosy Property Limited published this content on 13 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 12 November 2018 20:38:03 UTC