ARGOSY PROPERTY LIMI

ARG
End-of-day quote. End-of-day quote  - 01/22
1.53NZD 0.00%

Argosy Property : Market update - Further non Core divestments and strategic acquisition

11/12/2018 | 03:39pm

13 November 2018

MARKET RELEASE

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."

- END -

Enquiries Peter MenceDave Fraser

Chief Executive Officer Argosy Property Limited Telephone: 09 304 3411 Email:pmence@argosy.co.nz

Chief Financial Officer Argosy Property Limited Telephone: 09 304 3469 Email:dfraser@argosy.co.nzStephen Freundlich Head of Investor Relations Argosy Property Limited Telephone: 09 304 3426

Email:sfreundlich@argosy.co.nz

Disclaimer

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

© Publicnow 2021
Copier lien
All news about ARGOSY PROPERTY LTD
01/07
10/12
08/17
04/2019
04/2019