Monday 24th August 2015 |
Text too small? |
Argosy Property, the property investor which has been diversifying away from malls and retail, bought an Auckland office property for $42 million.
The five-level building at 8 Grafton St has a net lettable area of 8,125 square metres and is fully leased to 11 tenants with a weighted average lease term of about five years, equating to an initial passing yield of 7 percent, the Auckland based company said in a statement.
Argosy said it will fund the acquisition from its current bank facilities and the further divestment of non-core properties over the next year. The company said its gearing is expected to remain within its 35-to-40 percent target range after the acquisition and the previously announced sale of four other properties for $20.2 million.
Its shares fell 1.3 percent to $1.125, and have gained 5.6 percent so far this year.
BusinessDesk.co.nz
No comments yet
ANZ - 2024 Half Year Results Documents
FWL - Foley Wines Limited 2024 Harvest
IKE Closes Major Multi-Year Subscription Deals
AIA - 2024 Macquarie Australia Conference Overview of AIA
Devon Funds Morning Note - 06 May 2024
EROAD FY24 Results and Webinar Details
thl reduces FY24 NPAT guidance
May 6th Morning Report
Spark New Zealand appoints new director to the Spark Board
AFT to announce full year results on May 23 2024