Augusta Capital Ltd said today its subsidiary, Augusta Funds Management Ltd, would buy the 12-tenant Albany Lifestyle Centre from Argosy Property Ltd for $89 million and place it in a new investment fund.
Argosy Property Ltd lifted its net profit by 36% to $134 million in the March year, including a 49% lift in revaluation gains.
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A revaluation just before the September half-year balance date lifted Argosy Property Ltd’s portfolio value by $34.6 million, resulting in a 5c/share gain in asset backing.
Argosy Property Ltd has sold 2 properties in Hastings & Palmerston North, reducing assets outside its core Auckland & Wellington markets to 3, and it’s added an industrial yard in Wiri (outlined in picture above) to the Auckland portfolio.
Argosy Property Ltd has unconditionally sold the office building at 626 Great South Rd, Greenlane, for $10.6 million.