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

 


Argosy sells Waitakere Mega Centre for $45.8M

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

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.

The Waitakere property was designated non-core as part of property strategy reviews this year, the company said. In its 2014 annual report, Argosy had earmarked 10 percent of its $1.23 billion property portfolio for divestment.

Argosy will continue to manage the property until settlement in March. Coles Myer New Zealand Holdings is the property's major tenant and the centre had a weighted average lease term of 4.06 years and a passing yield of 8.47 percent at March 31.

Shares in Argosy slipped 0.5 percent to $1, crimping their gain so far this year to 9.8 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Revenue Renewal: Tax Modernisation Programme Launched

Revenue Minister Todd McClay today released the first two in a series of public consultations designed to modernise and simplify the tax system. More>>

ALSO:

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news