Argosy buys Wiri property for $38 mln

Mon, 16 Sep 2013

Sept. 16 (BusinessDesk) – Argosy Property, which raised $86.9 million last month, has bought a new warehouse in South Auckland’s Wiri for $38 million. The Auckland-based property investor’s new acquisition will settle in December, and have a 15-year lease with Cardinal Logistics from that date, the company said in a statement. The purchase will take its debt-to-asset ratio to 35 percent, at the lower end of its 35 to 40 percent target and within its 50 percent debt covenant. Argosy raised $86.9 million in a rights issue and placement last m...

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