Argosy posts net loss on $111.7m revaluation decline
Listed property group's portfolio slips below $2 billion on lower capitalisation rates, and on the back of exposure to government tenants.
Chief executive Peter Mence said Argosy remained well within bank covenant limits.
Argosy Property recorded a net loss after tax of $55.3 million on the back of a $111.7m hit to its portfolio value for the 12 months to March.
The revaluation loss represents 5.4% of the NZX-listed group’s $1.97 billion portfolio and was most pronounced across the firm’s Wellington office
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