Argosy sells Waitakere Mega Centre for $45.8M to reduce retail property exposure

Thu, 31 Jul 2014

By Tina Morrison Aug. 1 (BusinessDesk) - Argosy Property sold its Waitakere Mega Centre in Henderson, Auckland, for its $45.8 million book value as New Zealand's fourth-largest listed property investor seeks to reduce exposure to retail property. The sale to an unidentified Christchurch-based investor will reduce Argosy's retail property weighting to within its targeted 15 to 25 percent band, from 28 percent at March 31, the Auckland-based company said. Industrial and office properties each accounted for 36 percent of assets at March 31....

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