Vision & Strategy

Our portfolio is centred on the Auckland and Wellington markets with modest tenant-driven exposure to provincial markets.

Our strategy is to build our portfolio based around a mix of Core and Value Add properties. Core properties are well-constructed, well-located assets we intend to hold long term (>10 years). Value Add properties are those which, through skilled asset management, we believe can increase future earnings and provide capital growth.

The key features of Core properties are:
•    Strong long term demand (well-located and generic).
•    A preferred leasing profile that provides for rental growth of at least CPI.
•    Excellent structural integrity with minimal capital expenditure required on maintenance.

Value Add properties are also well-located with the potential for strong long term tenant demand. These properties are available for near to medium term repositioning or development with a view to moving them into the Core category.

Core properties will make up 75% to 85% of the portfolio by value.  Core properties currently represent approximately 87% of the portfolio and Value Add 9%. Approximately 4% of the portfolio will be divested as market conditions allow.

Please click here to view a PDF version of the Investment Strategy diagram below.


Our People

Our people are an integral part of our business.
The Argosy Board and Executive Team bring a significant level of expertise and experience.

  • Michael Smith

    Mr Smith was employed by Lion Nathan Limited for 29 years. During that time, he held a number of senior executive positions with the Lion Nathan Group and was a Director of the parent company for 16 years. Mr Smith is a Director of a number of public and private companies, including Hauraki Private Equity No. 2 Fund, Maui Capital Indigo Fund Limited and Maui Capital Aqua Fund Limited. Mr Smith is also Chairman of The Lion Foundation. His previous directorships include Lion Nathan Limited, Fonterra Co-operative Group Limited, Auckland International Airport Limited, OnePath Holdings (NZ) Limited and Fisher & Paykel Healthcare Corporation Limited.
  • Peter Brook

    Mr Brook has 20 years’ experience in the investment banking industry, retiring as Managing Director of Merrill Lynch (New Zealand) Limited in 2000 to pursue his own business and consultancy activities. He is a Trustee of the Melanesian Mission Trust Board, a member of the Institute of Finance Professionals New Zealand Inc., as well as a director of several other private companies. Mr Brook is also Chairman of Burgerfuel Worldwide Limited, Trust Investments Management Limited and Generate Investment Management Limited.
  • Mark Cross

    Mr Cross has over 20 years’ experience in investment banking, holding senior positions in New Zealand, Australia and, more recently, the United Kingdom. He is currently also a Director of Milford Asset Management Limited, MFL Mutual Fund Limited, Superannuation Investments Limited, Triathlon NZ Inc. and other private companies. He is a member of the New Zealand Institute of Chartered Accountants and Institute of Directors.
  • Andrew Evans

    Mr Evans has over 25 years’ experience in commercial real estate and asset management, previously holding executive positions in listed and unlisted real estate investment businesses. Mr Evans is a Director of Vital Healthcare Management Limited, Holmes Group Limited, Holmes General Partner Fire Limited and Trust Investments Management Limited. In addition, Mr Evans is a past National President of the Property Council of New Zealand, a foundation member of the New Zealand Property Institute and a member of the Institute of Directors.
  • Chris Hunter

    Mr Hunter has extensive commercial property experience including over 25 years in New Zealand's construction industry, most recently as the CEO of Hawkins Construction. Over the past 20 years he has been associated with more than $10 billion of developments across industrial, commercial, retail, residential and infrastructure. Mr Hunter currently has a portfolio of business investments and is active in the property development sector. He is advising a number of public listed companies in their property and construction ventures. He is an Associate Member of the New Zealand Institute of Quantity Surveyors, a fellow of the Royal Institute of Chartered Surveyors and holds an MBA from Massey University.
  • Jeff Morrison

    Jeff has 35 years of experience as a property lawyer, 29 of them as a commercial property partner at Russell McVeagh. Jeff is a trustee of the Spirit of Adventure and other charitable trusts and holds a number of private company directorships.
  • Peter Mence

    Chief Executive Officer
    Peter is the Chief Executive of Argosy Property Limited. An engineer by background, Peter has 35 years of experience in the property industry working with Progressive Enterprises, Challenge Properties, Richard Ellis and Green and McCahill. Peter joined Armstrong Jones (NZ) in 1994 and was appointed General Manager of Argosy (then known as ING Property Trust) in 2007. Instrumental in the rebranding and internalisation of the company’s management Peter was appointed Chief Executive of the business in 2009. Peter is a Fellow of the Property Institute and is a past lecturer in Advanced Property Management at The University of Auckland and is the current President of the Property Council of New Zealand. In 2013 Peter was honoured with the Stuart McIntosh award in recognition of his contribution to the University.
  • Dave Fraser

    Chief Financial Officer
    Dave joined the team in 2011 and was originally responsible for the planning and execution of the management internalisation and Argosy’s corporatisation. He now oversees the financial and corporate activities of the Company. Dave has spent over 28 years in senior financial and general management roles both in New Zealand and overseas, including six years in Japan as a senior vice president with the Jupiter Group. He has broad experience in strategic and operational planning, business development, debt restructures, equity raisings and merger and acquisitions. In addition to being a qualified Chartered Accountant, Dave has Bachelor of Commerce and Master of Business Administration degrees from The University of Auckland.
  • David Snelling

    General Counsel
    David joined Argosy in 2011 to manage day-to-day corporate compliance. He also provides legal assistance to the property team and general in-house legal support as a solicitor. Before joining Argosy, David’s experience includes working in the tax practices of large New Zealand firms. He has been involved in a broad range of transactions across the property, primary, energy, petroleum, telecommunications, banking and finance sectors. David also has a strong track record in dispute work. He has published articles on topical issues in CCH’s Tax Planning Report. David is a qualified lawyer and a member of the New Zealand Law Society’s Property Law Section. He graduated from Victoria University with an LLB (Hons) and a BCA in Economics and Finance.
  • Scott Lunny

    Investor Relations Manager
    Scott has been with Argosy Property Limited since July 2006 and has over 18 years’ experience in the banking, managed funds and property industries, gaining considerable experience in all aspects of financial reporting, treasury, tax management and investor relations. Prior to joining Argosy, Scott spent two years in the UK working for various fund managers and five years in the managed funds division of ING New Zealand. Scott is a Chartered Accountant and has a Bachelor of Business Studies degree and a Postgraduate Diploma in Business and Administration, majoring in Finance, both from Massey University.
  • Anna Hamill

    Financial Controller
    Anna joined Argosy in 2013 and has responsibility for the financial and management reporting as well as budgeting functions of the Company. Prior to joining Argosy, Anna worked in the external reporting team of one of the largest insurers in New Zealand. Prior to that, Anna spent over six years working in audit and assurance services at Deloitte where her client base consisted of larger corporate and listed entities. Anna is a Chartered Accountant and has a Bachelor of Commerce majoring in Accounting and Marketing and a Post Graduate Diploma in Commerce majoring in Management both from The University of Auckland.
  • Saatyesh Bhana

    Asset Manager
    Saatyesh has been with the management team for more than nine years and is responsible for the strategic management and financial performance of a portfolio of properties predominately located in the Wellington region. Saatyesh graduated from Massey University with a Bachelor of Business Studies degree, specialising in Valuation and Property Management. He has worked in a variety of private sector and listed property businesses. His 17 years’ experience includes acquisitions, divestments, leasing and value add projects. He has strong tenant relationship skills and these ensure a collaborative approach with clients.
  • Warren Cate

    Asset Manager
    Warren is responsible for a wide variety of properties in the Argosy portfolio. In addition to strategic management and financial performance accountabilities, Warren’s extensive property industry experience is utilised to good effect in the investigation and analysis of many of our property acquisition initiatives. Since graduating from the University of Auckland with a Bachelor of Engineering, Warren has held a wide variety of roles over 25 years in the industry, including as General Manager Property for Magnum Corporation. Warren joined the team in 1995, making him one of the longest-serving members.
  • Tony Frost

    Asset Manager
    Tony’s property career includes a wide variety of property and development management roles in private and public sector entities. Tony joined the management team in 2007 and has responsibility for a varied portfolio of Argosy’s properties. In addition to strategic management and financial performance accountabilities, Tony is particularly effective at investigating and analysing development projects, using his extensive property industry experience to enhance many of our portfolio initiatives. Tony has a Diploma in Valuation from The University of Auckland, is a Registered Valuer and a member of the Property Management Institute.
  • Joanna Sharpe

    Asset Manager
    Joanna joined the Argosy team in July 2013 and is based in Auckland. She has over 17 years' experience in the retail and property industries including working with retailers and landlords, project work and resource consent and planning. Joanna is responsible for our retail portfolio across New Zealand including development work. On top of her experience Joanna is also well qualified with a MA (Soc Sci) in Business and Psychology from Glasgow University. Joanna has been in New Zealand for 13 years since moving from the UK. Most recently, she worked for Wellington Airport and Foodstuffs (Wellington) Cooperative Society Limited.
  • Robert Smith

    Asset Manager
    Robert Smith image
    Rob joined Argosy in 2015 and is responsible for the strategic management and financial performance of a portfolio of properties in the Wellington region. His 25 year property career includes a variety of private sector retail and commercial property management roles that have included acquisitions, divestments, leasing and project management. Rob graduated with a B.Com and post graduate Diploma in Business from Auckland University.
  • Marilyn Storey

    Asset Manager
    Marilyn has been with the Argosy team for over five years and has over 20 years’ experience in the commercial property industry ranging from working with tenants and landlords, consulting, project work and energy management. Marilyn is responsible for a mix of properties across our portfolio including development work. On top of her practical experience Marilyn is also well qualified with a Master of Business Administration from the University of Otago and Bachelor's degrees in both property and commerce from The University of Auckland. Marilyn joined Argosy after operating her own property projects consulting business.

Community & Environment

We are well aware that natural resources are finite. Sustainable development and protecting the environment are important considerations for us.

We pay attention to environmental issues and encourage environmentally responsible behaviour. Within our offices, we recycle all recyclable goods and minimise paper wastage. Our building management policy, however, provides the greatest opportunity to impact positively on the environment. We are committed to finding new and innovative ways of making our buildings more environmentally sound and energy efficient. Each building’s strategic plan includes initiatives to achieve environmental sustainability. The need to produce environmentally responsible developments is a fundamental requirement of any project, whether it’s an existing building management matter, a new development or a retro-fit.

"We are committed to finding new and innovative ways of making our buildings more environmentally sound and energy efficient."

Governance & Continuity

Strong corporate governance and stewardship is fundamental to the strong performance of the Company.

We are committed to the highest standards of business behaviour and accountability. Here we outline the main corporate governance practices we have in place. These comply with the NZX Corporate Governance Best Practice Code and the Financial Markets Authority’s Principles of Corporate Governance and Guidelines.

Ethical Standards
We uphold the highest ethical standards, acting in good faith and in the best interests of shareholders at all times. The ethical and behavioural standards we expect of directors, officers and employees are set out in our Code of Ethics. This includes policies about conflicts of interest, fair dealing, compliance with applicable laws and regulations, maintaining confidentiality of information, dealing with company assets and use of company information.

Composition of the Board
Our focus is on having a Board whose members are able to act independently and have the composite skills to optimise our financial performance and returns to shareholders. The Constitution provides for no fewer than three directors. All Board members are non-executive directors. The Board does not impose a restriction on the tenure of any director as such a restriction may lead to the loss of experience and expertise.

Independent Directors
Having independent directors helps assure shareholders that the Board is fulfilling its role properly and is diligent in holding management accountable for its performance. By ‘independent director’ we mean independent of management and free of any business or other relationship that could materially interfere with, or could reasonably be perceived to materially interfere with, the exercise of their unfettered and independent judgement. As required under Listing Rule 3.3.2, the Board has determined that Peter Brook, Mark Cross, Michael Smith, Andrew Evans, Chris Hunter and Jeff Morrison are considered to be independent directors under the NZSX Listing Rules.

Board and Director Performance
The Board carries out a formal performance self-assessment each year under the direction of the Chairman. It involves reviewing the performance of the Board and its committees, together with setting goals and objectives for the Company for the upcoming year. The Chairman determines the process for assessing individual directors’ performance taking into account each director’s attendance, contribution and experience.

Directors' Fees
The current total directors' fee pool approved by ordinary resolution at the Company's 2015 Annual Meeting is $665,000 per annum.

Directors' Remuneration
Remuneration paid to directors by the Company during the year to 31 March 2016 were as follows:

Michael Smith (Chair)$149,549
Peter Brook$81,808
Andrew Evans$71,205
Mark Cross$87,410
Chris Hunter$71,205
Jeff Morrison$73,705

The Company considers it desirable to attract and retain high performing Directors whose skills and experience are well-suited to the Company's requirements.  To this end, it is important that the Directors are remunerated appropriately.  The Directors' fees are presently set as follows:

  • Each Director (other than the Chairman) is paid $75,000.
  • The Chairman is paid $140,000 per annum.
  • Additional amounts are paid to committee members.  The Audit Committee Chairman receives $20,000 per annum and its members receive $10,000 per annum.  The Remuneration Committee Chairman receives $5,000 per annum and its members receive $2,500 per annum.

The performance of Directors is assessed by the Chairman, with the exception that the Chairman's performance is reviewed by the Chair of the Audit Committee.  The Board takes advice from independent remuneration specialists when considering any proposal to increase the Directors' fees.  Additional payments may be made to Directors who assume additional responsibilities (including in relation to one-off project work) from time to time beyond the scope of their usual responsibilities.

Insider Trading and Restricted Persons Trading
Directors, officers and employees, their families and related parties must comply with the Insider Trading Policy and the Restricted Persons Trading Policy. Amongst other requirements this identifies two ‘blackout periods’ each year where trading in the Company’s shares is prohibited:
•    between 1 March until the day following the full year announcement date, and
•    from 1 September until the day following the half year announcement date.

On-going fixed trading by participation in the Distribution Reinvestment Plan is available throughout the year. At all other times trading requires that an application is made and approval obtained from any two directors, or a director and the Chief Financial Officer.

Directors and Officers Indemnification and Insurance
We have arranged directors’ and officers’ liability insurance covering directors, senior executives and employees for their personal liability arising out of their duties. The insurer reimburses the Company where it has indemnified the directors.

Board Committees

Board committees assist with the execution of the Board’s responsibilities to shareholders. Each committee operates under a charter agreed by the Board, setting out its role, responsibilities, authority, relationship with the Board, reporting requirements, composition, structure and membership.

Remuneration Committee
The Board has established a Remuneration Committee which considers the remuneration of the Directors and senior executives, and administers the Company's bonus scheme.  The members of the Remuneration Committee are Michael Smith (Chairman), Peter Brook and Jeff Morrison.

Audit Committee
The Board has established an Audit Committee, which is responsible for overseeing the financial and accounting responsibilities of the Company. The minimum number of members on the Audit Committee is three. All members must be directors, the majority must be independent directors and at least one member must have an accounting or financial background. The members of the Audit Committee are Mark Cross (Chairman), Michael Smith and Peter Brook.

The Audit Committee helps the Board fulfil its corporate governance and disclosure responsibilities with particular reference to financial matters, and internal and external audit. It is specifically responsible for:
•    the appointment of Argosy’s external auditor
•    supervising and monitoring external audit requirements
•    reviewing annual and interim financial statements before they are submitted for Board approval
•    reviewing the performance and independence of the external auditor, and
•    monitoring compliance with the Financial Reporting Act 1993, Companies Act 1993 and the NZSX Listing Rules.

External Audit Firm Guidelines

The Audit Committee has developed a Charter of Audit Independence, which sets out the procedures that need to be followed to ensure the independence of the Company’s external auditor.

The Audit Committee is responsible for recommending the appointment of the external auditor and maintaining procedures for the rotation of the external audit engagement partner. Under the Audit Charter, the external audit engagement partner must be rotated every five years. The charter covers provision of non-audit services. The general principle here is that the external auditor should not be involved in producing financial information or preparing financial statements that might lead to the perception of their auditing their own work. It is however appropriate for the external auditor to provide due diligence services on proposed transactions and accounting policy advice.

Shareholder Communication
Our communication strategy aims to ensure shareholders have all the information they need to assess the Company’s performance. It includes:
•    periodic and continuous disclosure to NZX in accordance with the continuous disclosure requirements
•    information provided to analysts and media
•    annual and interim reports distributed to all shareholders
•    the annual shareholders’ meeting and any other meetings called to obtain approval for actions as appropriate
•    notices and explanatory memoranda for annual and special meetings
•    newsletters and investor roadshows
•    this website.

We invite shareholders to raise matters for discussion at annual and special meetings. As a shareholder, you will have the opportunity to question directors and the external auditor at these meetings.

Business Continuity Plan

We have comprehensive Business Continuity Plans (BCP) and Disaster Recovery Procedures in place. These are updated regularly in line with overseas trends and developments. This means we can maintain normal service in the event of a disaster or disruption. Daily data backups to secure off-site locations ensure our team has full access to any information or services they may require.

The Constitution for Argosy Property Limited can be viewed here.

"We are committed to the highest standards of business behaviour and accountability."

Policy Documents

  • Policy document

    The role of the board is to act in the best interests of the company thereby effectively representing, and promoting the interests of, shareholders with a view to adding long-term value to the company’s shares.

  • Policy document

    Argosy recognises that it is exposed to risks, and commits to effectively manage risks affecting its business, employees, tenants, suppliers and other stakeholders.

  • Policy document

    Argosy acknowledges the importance for it and its staff to be cognisant of the potential ramifications of such trading, and to comply with all applicable legal obligations.

  • Policy document

    Argosy acknowledges the importance of conducting its business honestly and with integrity, and for it and its staff to be cognisant of the potential ramifications of actual and potential conflicts of interest.

  • Policy document

    Argosy is committed to achieving outstanding performance and results within the listed property sector to provide value to our shareholders, while considering the interests of workers, tenants, the community and others with whom we do business.

  • Policy document

    The objective of the remuneration committee is to assist the Board in reviewing the remuneration and compensation of senior employees of the Company.

  • Policy document

    The objective of the committee is to assist the Board by overseeing the financial, accounting and risk management responsibilities of the Company.