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- Release Date: 16/09/13 17:05
- Summary: ASSET: ARG: Argosy acquires top-quality industrial building in Wiri
- Price Sensitive: No
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ARG
16/09/2013 15:05
ASSET
REL: 1505 HRS Argosy Property Limited
ASSET: ARG: Argosy acquires top-quality industrial building in Wiri
Argosy Property Limited is pleased to announce the unconditional agreement to
acquire a new, purpose built, warehouse storage facility at 19 Nesdale
Avenue, Wiri. The property is to be acquired for $38 million and will have a
new 15 year lease to Cardinal Logistics from the settlement date of December
2013. The initial passing yield will be 7.5%.
The property is located approximately 3 kilometres west of the Manukau CBD
and has good access to the South Western Motorway, allowing direct connection
to Auckland International Airport.
This off-market acquisition is consistent with Argosy's strategy, and
increases the weighting to Auckland industrial property. The property will
form part of the Core portfolio.
The acquisition (after also allowing for the settlement of 101 Carlton Gore
Rd) will take Argosy's debt-to-asset ratio to approximately 35%, which is at
the lower end of the medium term gearing target of 35-40% and well below the
50% debt covenant.
- ENDS -
Press 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]
Argosy Property Limited
Argosy Property Limited is one of the largest diversified property funds
listed on the New Zealand Stock Exchange. It has a $1,084 million portfolio
of 65 properties across the retail, commercial and industrial sectors.
Argosy is, and will remain, invested in a portfolio that is diversified by
primary sector, grade, location and tenant mix. The portfolio is located in
the primary Auckland and Wellington markets with modest tenant-driven
exposure to provincial markets.
End CA:00241157 For:ARG Type:ASSET Time:2013-09-16 15:05:09
