Brief: Argosy Property Announces Unconditional Acquisition Of Two Contiguous Industrial Sites

Argosy Property

09/10/2020 02:34

Oct 9 (Reuters) - Argosy Property Ltd  ARG.NZ :
    * ANNOUNCED UNCONDITIONAL ACQUISITION OF TWO CONTIGUOUS
INDUSTRIAL
SITES
    * DEAL FOR NZ$76 MILLION
    * IN ACTIVE TALKS WITH ONE PARTY AND HAS VERY STRONG
INTEREST FROM
OTHERS FOR ALBANY LIFESTYLE CENTRE
    * DEPOSIT OF NZ$4.5 MILLION PAID BY CPG MANAGEMENT HAS BEEN
FORFEITED, TO BE TREATED AS DISTRIBUTABLE INCOME BY CO IN FY21
    * LAMBTON QUAY WELLINGTON WILL NOW INCLUDE AN 11TH FLOOR AT
AN
ADDITIONAL COST OF NZ$6.8 MILLION
    * CONTINUES TO WORK WITH INSURERS TOWARDS RESOLUTION OF ITS
INSURANCE CLAIM
    * EXPECT LAMBTON QUAY WELLINGTON PROGRAMME TO NOW BE
COMPLETED BY
FEB 2022
    * ENGAGED COLLIERS INTERNATIONAL NEW ZEALAND TO REVIEW KEY
VALUATION METRICS FOR  DESKTOP REVIEW OF PROPERTY PORTFOLIO AS
AT 30 SEPT
    * DESKTOP VALUATIONS RECEIVED BUT ARE YET TO BE FINALISED

Source text for Eikon:  ID:nNZWKtWr2 
Further company coverage:  ARG.NZ 

 ((Reuters.Briefs@thomsonreuters.com;))