Argosy buys 5 Wellington industrial properties for $59 million

Mon, 09 Feb 2015

By Suze Metherell Feb. 10 (BusinessDesk) - Argosy Property, the listed property investor, has spent $59 million buying five industrial sites in Wellington as part of a plan to reduce exposure to retail properties. The Auckland-based company drew down on its banking facilities to buy four sites in Lower Hutt and a fifth in Grenada North, with a weighted average lease term of 5.2 years. The major tenants across the sites include Wesfarmers Industrial & Safety NZ, Linfox Logistics (NZ), New Zealand Van Lines, Debonaire Furniture and Recall N...

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