Property investor Argosy Property has lifted the value of its portfolio by 2.1 per cent in the first half of the year.
The portfolio value of New Zealand’s fourth-largest listed property investor by market capitalisation increased $24.9 million to $1.22 billion in the six months ended September 30 it said after a property review by Colliers International.
The portfolio value excluded properties up for sale, the Auckland-based company said.
“Firming market capitalisation rates” was the reason behind the increase, Argosy said.
In its 2014 annual report, Argosy had earmarked 10 per cent of its $1.23b property portfolio for divestment.
The company is reducing exposure to retail properties and sold its Waitakere Mega Centre in Henderson, Auckland, for book value of $45.8m in August.
Shares of Argosy last traded at $1.035 and have advanced 13 per cent since the start of the year.