Unconditional sale of Albany Lifestyle Centre

Argosy Property Limited (Argosy) today announced the sale of Albany Lifestyle Centre, Albany in Auckland. The property was classified as non Core and has been sold for $89.0 million, a 2% premium to its current book value. Settlement is expected to occur on or around 27 March 2020. Argosy Chief Executive Officer Peter Mence said "The sale allows Argosy to take advantage of attractive market conditions at present. The sale proceeds will initially be applied to reducing bank debt and applied to its Value Add development pipeline including green developments." - END - End CA:00334960 For:ARG Type:GENERAL Time:2019-05-24 08:30:07