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

 

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news