21 December 2004 MEDIA RELEASE
SETTLEMENT - CENTRE CITY SHOPPING CENTRE NEW PLYMOUTH
Capital Properties New Zealand Limited (CNZ) announced that it settled the purchase of Centre City Shopping Centre in
New Plymouth on 17 December 2004.
The settlement was fully funded by bank debt. The purchase price of $32.0 million provides an initial yield on passing
net income of 10.8% providing an immediate enhancement to earnings per share. The centre has been valued by CB Richard
Ellis at $33.8 million.
Background
Originally constructed in 1988, Centre City comprises a fully enclosed three level shopping centre with a net lettable
area of 15,100 square metres and multilevel carparking for 720 cars. The centre is anchored by a Farmers department
store and a Pak'n Save supermarket and contains 44 specialty retail tenancies. Situated on Gill Street on the New
Plymouth foreshore, the centre complements the main retail strip on Devon Street and forms part of a compact retail core
in the heart of New Plymouth township.
ENDS