Argosy Divests Vacant Land in Albany

MARKET RELEASE

Argosy has today announced that it has entered into an unconditional agreement to dispose of
approximately 14,600 square metres of vacant land at 258 Oteha Valley Road in Albany for
$11.65 million.

The land sits adjacent to the Argosy owned Albany Lifestyle Centre (the Centre).

Settlement is expected to occur in late February 2017.

Argosy has also extended the lease of the Mitre 10 Mega Store within the Centre by a further
8.5 years, taking the expiry of this lease out to 2032. As part of the lease extension, Argosy
has committed to spending approximately $3.1 million of capital expenditure to extend the
existing Mitre 10 Mega Store into the current garden centre and provide extra retail space of
approximately 405 square metres on the upper level of the Centre. Following the expenditure
and new lease there is expected to be a commensurate increase in the value of the Centre.

CEO Peter Mence says “We are very pleased to be able to extend the lease of Mitre 10 at the
Albany Lifestyle Centre. This is a strong endorsement from the main anchor tenant and will
provide additional confidence and risk reduction for other tenants at the Centre.”



-ENDS-








Enquiries
Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: pmence@argosy.co.nz

Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: dfraser@argosy.co.nz

Scott Lunny
Investor Relations Manager
Argosy Property Limited
Telephone: 09 304 3426
Email: slunny@argosy.co.nz


31 January 2017


ARGOSY DIVESTS VACANT LAND IN ALBANY