Argosy Property Trust will corporatise its capital structure after shareholders voted to convert from a unit trust, which will now be known as Argosy Property Limited.

New Zealand and Australian unit holders will have their units redeemed, becoming shareholders in the new company, Argosy said in a statement to the NZX.

Unit holders outside of New Zealand and Australia will have their units redeemed for cash, with the company’s board remaining comprised of the same directors.

Board members will still reprise of chairman Mike Smith, independent director Peter Brook, and three directors Philip Burdon, Andrew Evans and Trevor Scott.

The Auckland-based company will be placed in a trading halt from 5pm on Thursday, February 23 to enable the corporatisation process to be completed efficiently.

Shares, which gained 0.6% to 84.5 cents on the NZX today, will be transferred to unit holders after 5pm on Wednesday February 29.