Unconditional sale of Auckland and Wellington properties

1 ⸺

Argosy has announced today that it has unconditionally sold its properties at 960 Great
South Road, Auckland for $8.5 million and the Corner of Wakefield and Taranaki Street,
Wellington for $25.0 million.
The sales reflect premiums to book value of 16% and 1% respectively.
Chief Executive Officer, Peter Mence said “Both of these properties no longer met
Argosy’s investment criteria. The Wellington disposal price represents a 4.75% yield on
passing rent, which minimises the dilutionary impact to earnings. The divestments have
also allowed Argosy to deliver further progress on its capital management plan. The
sale proceeds will initially be used to reduce bank debt and will then be redeployed
into future green projects.”
Settlement of the Wellington property is scheduled to occur on 15 September and the
Auckland property on 23 September.

− END −
Market Release
31 August 2020
Unconditional sale of Auckland and Wellington
properties
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