ARG
24/08/2015 09:44
ASSET
PRICE SENSITIVE
REL: 0944 HRS Argosy Property Limited
ASSET: ARG: Argosy Announces Acquisition of Office Property in Auckland
Argosy has today announced the unconditional acquisition of 8 Nugent Street,
Grafton, Auckland for $42 million.
This high quality, fully leased property, which was built in 2009, is a five
level, four Green Star designed office building with a net lettable area of
8,125 square metres. It contains a diversified group of 11 tenants and has a
weighted average lease term of approximately 5 years. The purchase price
provides an initial passing yield of 7.0%. Contract rent has been assessed
to be at market levels.
Funding for the acquisition will be from current bank facilities and the
further divestment of non-core properties expected over the next year.
Gearing following the acquisition, and after the settlement of the previously
announced disposals of the Porirua Mega Centre, 65 Upper Queen Street, 7 El
Prado Drive and 5,000 square metres of vacant land at the Manawatu Business
Park (together totalling $20.2 million), is expected to be maintained within
the 35 to 40% target range.
Settlement is expected to take place in 5 working days from today.
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Enquiries
Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: [email protected]
Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: [email protected]
Scott Lunny
Investor Relations Manager
Argosy Property Limited
Telephone: 09 304 3426
Email: [email protected]
End CA:00268915 For:ARG Type:ASSET Time:2015-08-24 09:44:19
