6 Jun 2013

Argosy to buy supermarket distribution centre

9:31 am on 6 June 2013

Listed property company Argosy Property is buying an Auckland supermarket distribution centre for $74 million.

The distribution centre in Favona Road, Mangere is the main Auckland centre for supermarket operator Progressive Enterprises.

Progressive is owned by Australian firm Woolworths and runs the Countdown chain of supermarkets.

Argosy says Progressive has occupied the building since 1979 and its lease has a further 11 years to run.