Citigroup Centre, Auckland
Argosy Property Trust (list code ARG) was listed on the New Zealand Stock Exchange (originally as Paramount Property Trust) on 3 December 2002, after a successful public offering that raised unit holders’ equity of $31,543,000. This was the first step for a new property trust with the objective of achieving steady growth in assets under management and a superior yield.
Today, the Trust's focus is on the acquisition of quality properties where value can be added and properties modernised to extend their effective utilisation. The business targets quality new or recently refurbished properties which provide modern net leases, low vacancy rates and good lease term profiles, properties in strategic and popular locations and properties that provide the best prospect for rental and capital growth.
The trust is managed internally by Argosy Property Management Limited, the Manager of the Trust and is owned by the trust. The aim of the Manager is to maintain a portfolio containing the broad spread of high-quality assets necessary to provide a steady and stable income return. These core properties will be complemented by others with ‘added value’ opportunities. Essentially, it is through a combination of achieving stable returns from the core assets and maximising the potential from the added value opportunities that the Manager will be able to provide strong returns overall for investors. At the annual meeting of unit holders on 30th August 2011, unit holders approved resolution that saw the internalisation of the rights to manage the Trust. At the same meeting the unit holders approved changes to the trust deed which means the Trust is now managed on a cost recovery basis with unit holders retaining full control.
One of the top real estate teams in the country
The Argosy team is made up of 10 experienced property professionals who are well qualified and perform at the highest level in the industry. They are supported by an equally committed and competent administration and accounting staff of 10. Argosy should not be considered a property developer. Development is undertaken in order to add value to property that is held in the portfolio or on assets that, when completed, are to be held in the portfolio. Wherever possible, property held for development contributes a holding income.
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