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ANZ Sells Branches - Huge Interest Generated

Tuesday 18 September 2001

For Immediate Release

ANZ has raised in excess of $12 million in capital as 18 of its branch properties were auctioned in Auckland today.

The branches located in Northland, Auckland, Bay of Plenty and Waikato fetched between $152,000 and $1.38 million each.

The auction is part of ANZ’s programme to sell and lease back 34 of its branch properties throughout the country.

Mark Synnott, Managing Director of Colliers Jardine - the real estate services firm handling the sale - says the huge interest in the properties was expected.

“The branches were a very attractive investment opportunity. They were all well-maintained buildings in good locations and each had the bonus of coming with an exceptional tenant in the ANZ, which is fully committed to each location for a minimum of six years and then has the option to renew,” he says.

“We are delighted with the capital raised today,” said ANZ Chief Operating Officer Colin MacDonald. “The capital will be invested directly back into upgrading our technology and customer services.”

Mr MacDonald said the sale of the branches allows the Bank to focus on its core business of banking rather than on property ownership. ANZ would retain at least a six-year lease on the properties and the branches would continue to operate as normal.

10 ANZ branch properties go under the hammer at 11.00am, Wednesday 19 September at the Duxton Hotel in Wellington and a further six at 11.00am, Thursday 20 September at the Holiday Inn in Christchurch.

ENDS


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