Argosy sells two non-core sites

A retail site at 28-30 Catherine Street in the Henderson area of Auckland has been sold for $6 million.

Argosy Property [NZX: ARG] has announced the sale of two sites for a combined total of $9.3 million.

A retail site at 28-30 Catherine Street in the Henderson area of Auckland has been sold for $6 million, 7.1 percent above its book value of $5.6 million. In a statement, Argosy said, "the location of this retail property will become increasingly challenging." The transaction will complete on 30 June next year.

An industrial property in Palmerston North, 44 Neil Lane, has also been sold for $3.3 million, 5 percent more than the book value of $3.14 million. That's expected to settle in November. Argosy said the sale completes its exit from properties it deems non-core in the city.

In May, the company announced its annual earnings had risen by 5 percent due to shifts in its portfolio that enabled it to boost rental income.

Shares in Argosy were unchanged at $1.16 and have risen 1.75 percent since the start of the year.

(BusinessDesk)

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