Argosy sells under-performing Ellerslie property at just below book value

Sun, 15 Dec 2013

Dec. 16 (BusinessDesk) - Argosy Property, the fourth-biggest listed property investor by market value, has sold an underperforming office building in Auckland’s Ellerslie for $10.4 million. The sale was at 92 percent of book value and is part of Argosy’s plan to ditch underperforming assets, the company said in a statement. “The property, which has suffered from a long term vacancy factor, has provided a disappointing total return of less than 5 percent and has been available for sale for some time,” Argosy said. “There was a requirement...

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