ING Property Trust has sold a property in Manakau and bought another in St Lukes for the same price.
General manager Peter Mence says the deals consolidate its retail assets, and improves the quality of its $926 million property portfolio.
The listed property investor, which will be renamed Argosy Property Trust next month, already owns two properties next to the St Lukes storage complex that it has bought.
The $10.5 million purchase price was 6% less that its valuation and the tenant has committed to a 10 year lease.
The trust says it sold the Great South Road property for the same amount, which is almost 8% more than its book value.
The unconditional sale is due to settle at the end of the month.
Shares in ING Property Trust rose 1 cent to 72c on Wednesday morning.