Argosy sells two properties

Mon, 31 Aug 2020

Argosy Property said it has sold two buildings for $33.5 million that no longer meet its investment criteria.It sold the property at 960 Great South Road, Auckland for $8.5 million and the property on the corner of Wakefield and Taranaki Streets in Wellington for $25 million at premiums to book value of 16 percent and 1 percent respectively.Chief executive Peter Mence said the sale price of the Wellington property represents a 4.75 percent yield on passing rent, "which minimises the dilutionary impact to earnings.The Wellington property is...

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