Market Update – further portfolio activity

13 November 2018

MARKET RELEASE
Market update – Further non Core divestments and a strategic
acquisition


Argosy Property Limited (Argosy) has announced the sale of two non-Core regional assets, 1478
Omahu Road in Hastings and 31 El Prado Drive in Palmerston North. 1478 Omahu Road has
been sold for $10.2 million which represents a 12% premium over book value. Settlement will
take place in March 2019.

The property at 31 El Prado drive has been sold for $35.5 million, which represents a 25%
premium over book value. Settlement will take place in December 2018.

The divestment of these regional assets means that Argosy has only 3 properties outside its core
Auckland and Wellington markets.

In September Argosy acquired a freehold 15,838 square metre industrial yard in September in
Roscommon Road, Wiri for $8.6 million. The site is currently leased to NZX listed Turners
Automotive Group (TRA.NZ) on a 15-year lease, providing a holding return of 5% with fixed
reviews of 2.5% per annum, with a market review in year 6.

Argosy Chief Executive Officer Peter Mence said “We are pleased to have commenced what
we envisage to be a mutually beneficial long-term relationship with an organisation that has a
significant real estate footprint across New Zealand.”

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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