ARG
10/03/2016 09:13
ASSET
NOT PRICE SENSITIVE
REL: 0913 HRS Argosy Property Limited
ASSET: ARG: Argosy sells remaining vacant land in Palmerston North
Argosy is pleased to announce the unconditional agreement to dispose of the
remaining vacant land at the Manawatu Industrial Park in Palmerston North for
$23.3 million, which includes 2.4 hectares of land owned by Argosy and
previously held for expansion by EziBuy.
The total amount represents a 3.7% discount to the most recent book value.
Settlement is expected to occur prior to the end of March 2016. $2 million
will be placed in a solicitor's trust account pending the registration of a
covenant which has already been agreed by all relevant parties. This is
expected to be registered by the end of July 2016.
Argosy will still own the properties at 31 El Prado Drive, where EziBuy have
recently signed an 8-year lease renewal, and 44 Neil Lane, both in the
Manawatu Industrial Park.
Argosy CEO, Peter Mence, says "it is very pleasing to find a resolution for
an asset that has been designated as non Core for a considerable period."
- END -
End CA:00279054 For:ARG Type:ASSET Time:2016-03-10 09:13:10
