1 Sep 2011

Argosy expects to become a company within the year

7:12 am on 1 September 2011

Argosy Property Trust says it should complete the next shift in its transformation, from a unit trust to a company, within the year.

The property investor received investor approval to pay ANZ Bank subsidiary, OnePath, $20 million to end its management contract, and bring it in-house.

Argosy gained support from the Shareholders Association for that deal by promising to consider corporitisation. Independent director Trevor Scott says it's a no-brainer because there is a cost saving in eliminating the trustee.

He says Argosy's currently preparing space and setting up systems to move the manager into its premises, now it's taken over that role.