31 Aug 2011

Argosy in-house portfolio plan approved

7:06 am on 31 August 2011

A plan to bring the management of Argosy Property Trust's portfolio in-house has been approved.

About 200 of the trust's investors met in Auckland on Tuesday to vote on the $20 million proposal, which the majority approved.

Rival proposals from other unitholders were rejected, including DNZ's wish to merge with Argosy.

Argosy says all the conditions have been met for it to bring the management in house and this will be done quickly.

Argosy is in the process of getting approval for a tax benefit, which will see the cost of internalisation reduced from $20 million to $14.5 million.