Argosy has full ownership of Manawatu venture

Friday 3rd December 2010

Argosy Property Management, the manager of Argosy Property Trust formerly known as ING Property Trust, has terminated a joint venture project at Manawatu Business Park in Palmerston North.

Argosy acquired the full ownership of North East Industrial on November 30. The joint venture was terminated by exchanging debts and obligations of the joint venture partner for their shares in the company.

It said a building in the park has been sold at $1.3 million, taking confirmed sales pending settlement at the park to $27.7 million. This sale, together with recent leasing activity, means that all the buildings at the park will be fully leased.

Separately, a vacant industrial property in Zelanian Drive, East Tamaki has been sold for $3.3m, which is less than the valuation of $3.65m at March 31.

NZPA

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