Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Argosy sells Auckland property for $10.4 million

Argosy sells Auckland property for $10.4 million

By Suze Metherell

May 8 (BusinessDesk) – Argosy Property, the fourth-largest listed property investor on the NZX by market value, has sold its underperforming Mount Auckland property for $10.4 million.

The sale was a 2.7 percent premium to its March book value and is part of Argosy’s plan to ditch underperforming assets, the company said in a statement. The Pacific Rise commercial property had an occupancy rate of about 75 percent according to Argosy’s website, and has been bought by an owner-occupier.

“Returns from the property had suffered from long term vacancy issues and a short weighted average lease term,” Argosy said.

Last December the company got rid of its underperforming Ellerslie holdings for $10.4 million, at 92 percent of its book value.

Shares in the company rose 0.5 percent to 95 cents. The stock has declined 8.5 percent over the past year underperforming the NZX 50 Index’s 12 percent rise, while the property index, made up of 10 NZX-listed property stocks, has declined 1.1 percent in the past 12 months. The stock is rated an average of ‘hold’ based on five analysts surveyed by Reuters and has a median price target of $1.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Skodafone Goneski: Sky TV, Vodafone Drop $3.44 Billion Merger Plan

Sky Network Television and Vodafone New Zealand have terminated their merger agreement which aimed to create the country's largest telecommunications and media group, and have withdrawn an appeal against the Commerce Commission's rejection of the plan. More>>

Quake Insurance: Reforms To EQC Act Announced

· Increasing the monetary cap from $100,000 (plus GST) to $150,000 (plus GST) for EQC building cover.
· Clarifying EQC land cover is for natural disaster damage that directly affects the insured residence or access to it... More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>

Kaikōura Earthquake: Private Insurers Receive $1.8b Claims

Insurance Council Chief Executive Tim Grafton said most is for commercial loss at $1.36 billion, with residential claims amounting to over $460 million. “...We have a high level of confidence that most people will have received settlement offers by the end of this year." More>>

ALSO:

Forms And Data: New Proposals To Simplify Personal Income Tax

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax. More>>