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Sales Brings Operators Close To Rail Head

For Immediate Release

SALES BRINGS OPERATORS CLOSE TO RAIL HEAD

Tranz Rail has confirmed the $12.6 million sale of its Neilson St offices and warehouses in Onehunga, Auckland to one of the North Island's largest trucking operators, Five Star Group.

Greg Miller, Group General Manager of Tranz Rail's Distribution Services Group, Tranz Link, said the sale opened up the opportunity for new business for the rail network as Tranz Rail introduced a freight village concept to one of the country's busiest rail sites.

"We are trying to bring the major road operators closer to the rail head as there are significant benefits to their operations as well as ours in terms of the synergies between the two transport modes," says Mr Miller.

"There is great potential for the Five Star Group to become an even more significant client of our Rail Services Group as a result of this arrangement."

Five Star Group, which includes Hooker Pacific, Provincial Freightlines and United Transport - three of the North Island's largest trucking operators, will take over the 6.8 hectare site in March. The site includes a three-storey office block, three warehouses and additional canopied space. Substantial bare ground is also available for further development.

Mr Miller said there was ample room to relocate Tranz Link's headquarters to the nearby Southdown operation and that the Neilson St base was therefore surplus to requirements. Tranz Rail Chief Financial Officer Mark Bloomer, said the sale was the start of a Tranz Rail programme to generate cash from the sale of surplus or inefficiently used assets.

Mr Bloomer said the funds generated would be used by Tranz Rail to retire bank debt.
ENDS

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