31 March 2021 year end valuation update

Argosy Property Limited ('Argosy') today announced that for the 12 months to 31 March 2021, it has recorded a full year portfolio revaluation gain of $157.7 million, an 8.5% increase over book value. Of this $79.8 million was booked in the 30 September 2020 interim result. Since the desk-top valuations undertaken in September 2020, New Zealand's commercial real estate market has continued to experience firming in capitalisation rates, consistent with low interest rates. By location, Auckland was the largest contributor to the revaluation gain with $150.2m of the total portfolio gain. By sector, Industrial provided the greatest contribution at $129.9 million, up 15.2%. The Office portfolio declined by $1.5 million, and Large Format Retail increased by $29.3 million. More detail is provided in the appendix to this release. The Industrial sector experienced solid cap rate firming and market rental growth in the period. The Office portfolio revaluation was weighed down by additional capital required for the facade repairs at 7 Waterloo Quay and increased development costs at 8-14 Willis Street/360 Lambton Quay. The valuations as at 31 March 2021 remain subject to audit (by Deloitte) and will be confirmed in the financial results to be announced to the market on 19 May 2021. Peter Mence, CEO of Argosy said, "Argosy's diversified portfolio of quality assets continue to demonstrate its resilience." - END - End CA:00371866 For:ARG Type:GENERAL Time:2021-05-07 14:55:34