Argosy sells, sends notice to unitholders

Argosy has sold five properties and will put a corporatisation proposal for ratification to unitholders next week.

Argosy Property Trust today confirmed the sale of four retail properties in Porirua ahead of a unitholder meeting on February 21 in Auckland.

The trust had intended to develop them but directors have decided this is unlikely for several years.

The four properties fetched $16,200,000 “representing 106% of the combined current book values”. 

Argosy has also sold, at current book value (not stated in the annual report), a property at 547-551 Main St in Palmerston North. It had been vacant since the relocation of Rebel Sports late last year. Another property previously occupied by Briscoes is the subject of sale negotiations.

The meeting of unitholders to be held next week is to consider the corporatisation proposal.

The former external manager’s contract has been terminated upon payment of $20 million. A new manager, the shares in which are held by Public Trust, was appointed last August and amendments to the trust deed made. The new manager has changed its name to Argosy Property Management. The directors of the new manager are Trevor Scott, Peter Brook, Mike Smith, Andrew Evans and Philip Burdon, who were formerly directors of the old manager.

Argosy has a $925 million portfolio of 69 properties, with 250 tenants across the retail, commercial and industrial sectors.