SkyCity Darwin sale unconditional – Argosy replaces $100 million of bank debt
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.
Argosy Property Ltd has unconditionally acquired The Warehouse property at 11 Coliseum Drive in Albany for $26.4 million.
When a company doesn’t tell you in the first line of its results announcement that it’s made a huge profit, it’s all too common to have to hunt for the score. Argosy Property Ltd didn’t mention the profit fall all the way through a long release on its performance on Wednesday, but I’ve tracked down the figures in the annual report and done some percentages.