New Zealand property investor Argosy Property has lifted the value of its portfolio by 2.1 per cent in the first half of the year.
The portfolio value of New Zealand's fourth-largestlisted property investor by market capitalisation increased $NZ24.9 million ($A23.18 million) to $NZ1.22 billion in the six months ended September 30 it said after a property review by Colliers International.
The portfolio value excluded properties up for sale, the Auckland-based company said.
"Firming market capitalisation rates" was the reason behind the increase, Argosy said.
In its 2014 annual report, Argosy had earmarked 10 per cent of its $1.23b property portfolio for divestment.
The company is reducing exposure to retail properties and sold its Waitakere Mega Centre in Henderson, Auckland, for book value of $45.8m in August.
Shares of Argosy last traded at $1.035 and have advanced 13 per cent since the start of the year.
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