SALE OF 7 & 7A WAGENER PLACE

MARKET RELEASE

Argosy has today announced that it has entered into an unconditional sale of 7 and 7A Wagener
Place, St Lukes in Auckland for $31.0m. The sale price reflects a 13% premium to its 28
February 2018 book value of $27.4m. Settlement is expected to occur in July 2018.

Chief Executive Officer Peter Mence said “The market for commercial real estate remains
attractive for long term investors divesting real estate. The sale presents an opportunity to
reduce our retail exposure in an area where there will be increasing competition. It allows us to
keep delivering on our strategy and we will reinvest the proceeds into other brownfield
development opportunities across the portfolio.”



– 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

Stephen Freundlich
Head of Investor Relations
Argosy Property Limited

Telephone: 09 304 3426
Email: sfreundlich@argosy.co.nz

26 March 2018

SALE OF 7 & 7A WAGENER PLACE