Argosy Property buys Auckland office building for $42m
The five-level building at 8 Nugent Street has a net lettable area of 8125sq m.
Argosy Property [NZX: ARG], the property investor which has been diversifying away from malls and retail, bought an Auckland office property for $42 million.
The five-level building at 8 Nugent Street has a net lettable area of 8125sq m and is fully leased to 11 tenants, with a weighted average lease term of about five years, equating to an initial passing yield of 7%, the Auckland-based company said in a statement.
Argosy said it would fund the acquisition from its current bank facilities and the further divestment of non-core properties over the next year. The company said its gearing is expected to remain within its 35-40% target range after the acquisition and the previously announced sale of four other properties for $20.2 million.
Its shares fell 1.3% to $1.125 and have gained 5.6% so far this year.
(BusinessDesk)
Tina Morrison
Mon, 24 Aug 2015
Mon, 24 Aug 2015
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Argosy Property buys Auckland office building for $42m
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