Argosy lifts value of property portfolio by 2.1% in first half

Argosy Property [NZX: ARG], New Zealand's fourth-largest listed property investor by market capitalisation, said the value of its portfolio rose by 2.1 percent in the first half.

The portfolio's value increased $24.9 million to $1.22 billion in the six months ended Sept. 30, excluding properties up for sale, after a property review by Colliers International, the Auckland-based company said in a statement. "Firming market capitalisation rates" was the reason behind the increase, Argosy said.

In its 2014 annual report, Argosy had earmarked 10 percent of its $1.23 billion property portfolio for divestment. The company is reducing exposure to retail properties and sold its Waitakere Mega Centre in Henderson, Auckland, for book value of $45.8 million in August.

Shares of Argosy last traded at $1.035 and have advanced some 13 percent since the start of the year, outperforming the NZX 50 Index's 8.6 percent gain over the same period. The stock is rated an average of 'hold' based on the consensus of five analysts surveyed by Reuters, with a median price target of 99 cents.


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