- Release Date: 24/08/15 09:44
- Summary: ASSET: ARG: Argosy Announces Acquisition of Office Property in Auckland
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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. - END - 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
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- Ann: ASSET: ARG: Argosy Announces Acquisition of Office Property in Auckland
Ann: ASSET: ARG: Argosy Announces Acquisition of Office Property in Auckland
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