Argosy Property : acquires 11 Coliseum Drive (The Warehouse), Albany
August 12, 2018 at 10:00 pm EDT
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13 August 2018
MARKET RELEASE
Argosy acquires 11 Coliseum Drive (The Warehouse), Albany
Argosy Property Limited (Argosy) today announced it had unconditionally acquired 11 Coliseum Drive in Albany (The Warehouse), for $26.4m. The property is located adjacent to the Argosy owned Albany Mega Centre and comprises 7,600sqm of warehouse, 760sqm of office, mezzanine and garden centre and 413 carparks.
The acquisition price represents an initial passing yield of 5.0%. The pre-tax IRR is 6.78%. The property has 6.5 years to run on the initial 12-year lease.
The acquisition size is within Argosy's investment policy criteria and has met all the necessary due diligence requirements.
Chief Executive Peter Mence said "We are very pleased to have secured a strategically important property and strengthened our relationship with a long standing and valued partner in The Warehouse Group. The purchase allows us to now consider a range of organic growth options across the entire Albany Mega Centre site. Longer term, we are excited about the opportunity and value this acquisition can deliver for Argosy and its shareholders."
Settlement is expected to occur on or around 7 September.
Stephen Freundlich Head of Investor Relations Argosy Property Limited Telephone: 09 304 3426
Email:sfreundlich@argosy.co.nz
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Argosy Property Limited published this content on 13 August 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 13 August 2018 01:59:08 UTC
Argosy Property Limited is a New Zealand-based property company. The Companyâs principal activity is investment in properties which include industrial, office and large-format retail properties, predominantly in Auckland and Wellington. Its office properties include 99-107 Khyber Pass Road, Grafton; 101 Carlton Gore Road, Newmarket; 8 Nugent Street, Grafton; 8 Nugent Street, Grafton, and others. The retail properties include Albany Mega Centre & 11 Coliseum Drive, Albany; 50 & 54-62 Cavendish Drive, Manukau; 252 Dairy Flat Highway, Albany, and Cnr Taniwha & Paora Hapi Streets, Taupo. The industrial properties include 240 Puhinui Road, Manukau; 244 Puhinui Road, Manukau; Highgate Parkway, Silverdale; 10 Transport Place, East Tamaki, and others. The 244 Puhinui Road, Manukau property comprises a new, large industrial building on a 7,187sqm site. The 252 Dairy Flat Highway, Albany property comprises four buildings, three of which are workshops used for servicing and parts storage.