Argosy Property gets book value

Argosy Property, whose shareholders agreed to corporatise the company after buying out the ANZ Bank-owned manager last year, has announced its second sale in as many days, the property at 221 Wakefield St in Wellington.

The sale price of $4.5 million amounts to current book value, the Auckland-based property investor says.

Last week, Argosy said it wanted to sell underperforming assets and vacant land to further reduce its $382 million of bank debt. It announced the sale this week of an empty building in Albany, Auckland, for its $6.9 million book value.