NPT Limited Sells 342 Lambton Quay Property For $24.5m

News Release 18 July 2012

For immediate release

NPT Limited Sells 342 Lambton Quay Property
For $24.5 Million

NPT Limited’s Wellington property at 342 Lambton Quay has been sold unconditionally for $24.5 million; settlement will take place on 14 September 2012. The purchaser is Robt. Jones Holdings Limited or its nominee.

The 342 Lambton Quay property is a 14-storey building located close to Stewart Dawson’s Corner on Wellington’s Golden Mile. It incorporates a two-level retail arcade: tenants include AMI, ASB Bank, the AA, Michael Hill Jeweller, Plimmer Shoes and other smaller retailers. The building was designed by Sir Miles Warren in 1984.

NPT’s acting chief executive officer Kerry Hitchcock says, “The sale price of $24.5 million, $500,000 below the building’s valuation as at 31 March 2012, reflects some softening of retail rentals.

“The sale of this Wellington property is part of NPT’s strategic review of its property portfolio. The company will be looking for more investment opportunities where NPT can add value and enhance returns to our shareholders,” says Mr Hitchcock.

The property was marketed by Mark Hourigan of Bayleys Real Estate.

NPT Limited is an NZX-listed company (NPT). It has a diversified portfolio of retail, commercial and industrial properties located in Auckland, Hawke’s Bay, Wellington and Christchurch. NPT was established in 1994 as a unit trust, The National Property Trust. On 1 April 2011 the trust was corporatised and became NPT Limited.
W www.npt.co.nz

Key Facts about NPT Limited
• The company is listed on the NZX; its code is NPT.
• The board comprises Sir John Anderson (chairman), Kerry Hitchcock, Jim Sherwin, Tony McNeil and David Cushing.
• The acting chief executive officer is director Kerry Hitchcock. Chief financial officer is Marshall Maine.
• Formerly The National Property Trust, NPT was corporatised on 1 April 2011 and was renamed NPT Limited.
• NPT has a diversified portfolio of retail, commercial and industrial properties located in Auckland, Hawke’s Bay, Wellington and Christchurch.

ENDS

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