NPT Ltd Sells Napier's Ocean Boulevard Property

News Release 7 November 2012

For immediate release

NPT Ltd Sells Napier's Ocean Boulevard Property For $4.521 Million

NPT Limited’s Napier retail property, Ocean Boulevard, has been sold unconditionally for $4.521 million; settlement will take place on 21 November 2012. The purchaser is a private family trust.

Ocean Boulevard is a retail centre of 2,895m2 located in central Napier with frontages on both Dickens and Emerson Streets. Its tenants include PaperPlus, Bed Bath & Beyond, Caroline Eve, Just Kids and Michael Hill Jeweller. The centre also has 120 car parks over two upper levels.

NPT’s chief executive officer Kerry Hitchcock says, “The sale of Ocean Boulevard forms part of NPT’s strategic review of its property portfolio. The company is focussing on investments where the property type and scale create management efficiencies, and fit NPT’s yield and growth requirements.”

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 and Christchurch.

ENDS

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