Argosy Property buys Auckland office building for $42M

Sun, 23 Aug 2015

By Tina Morrison Aug. 24 (BusinessDesk) - Argosy Property, the property investor which has been diversifying away from malls and retail, bought an Auckland office property for $42 million. The five-level building at 8 Grafton St has a net lettable area of 8,125 square metres and is fully leased to 11 tenants with a weighted average lease term of about five years, equating to an initial passing yield of 7 percent, the Auckland-based company said in a statement. Argosy said it will fund the acquisition from its current bank facilities an...

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