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- Release Date: 16/12/13 12:04
- Summary: ASSET: ARG: ARG announces sale of underperforming asset
- Price Sensitive: No
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ARG
16/12/2013 10:04
ASSET
REL: 1004 HRS Argosy Property Limited
ASSET: ARG: ARG announces sale of underperforming asset
Argosy Property is pleased to confirm the sale of the commercial office
building at 56 Cawley St, Ellerslie, Auckland. The property, which has
suffered from a long term vacancy factor, has provided a disappointing total
return of less than 5% and has been available for sale for some time.
There was a requirement for significant capital expenditure on the building
and this combined with the historical difficulties in maintaining an
acceptable occupancy rate meant the total return was below acceptable levels.
The sale at $10.375 million was completed at 92% of book value, and is
scheduled to settle on 18 December 2013.
The sale is in line with the Argosy policy to sell underperforming assets and
realign the portfolio with our overall strategy.
- ENDS -
End CA:00245220 For:ARG Type:ASSET Time:2013-12-16 10:04:04
