ARG
28/04/2015 10:06
GENERAL
PRICE SENSITIVE
REL: 1006 HRS Argosy Property Limited
GENERAL: ARG: Argosy Portfolio Valuation Update & Disposal Announcement
Argosy Property Limited (Argosy) today announced an increase in the value of
its property portfolio of $13.7 million (+1.0%) following completion of
valuations for each property.
This, combined with the interim valuation that took place at 30 September
2014, takes the full year valuation for 2015 to $38.6 million (+3.0%).
The revaluation gain increases the value of the portfolio to $1.306 billion.
The increased property values reflect improved rental growth expectations and
the continued firming of cap rates across the portfolio.
The valuations have been conducted by independent Valuers and are still
subject to formal confirmation from the external auditors as part of the 31
March 2015 full-year audit.
Argosy has also announced the disposal of the industrial property at 1 Allens
Road, East Tamaki, Auckland for $3.3 million, which represents a 10.7%
premium to its book value as at 30 September 2014. The property was not part
of Argosy's Core portfolio and the funds have been used to repay bank debt.
- 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]
End CA:00263591 For:ARG Type:GENERAL Time:2015-04-28 10:06:27
