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Adding Further Quality Building To Portfolio

Paramount Adds Further Quality Building To Portfolio

Paramount Property Trust Management Limited, the manager of Paramount Property Trust, announced today that it has entered into an agreement to purchase for $21.15 million the ANZ House building under construction on Carlton Gore Road, Newmarket.

The building is fully leased to ANZ Banking Group (New Zealand) for nine years, with rights of renewal for a further six years.

Paramount’s purchase agreement is with Domain Centre Developments Limited, a subsidiary of Symphony Properties Limited. Paramount has a first right of refusal agreement with Symphony Group, providing access to properties at preferential pricing.

“The building has been valued on completion at $21.6 million and the purchase price discount reflects the benefit of the first right of refusal agreement that Paramount has with Symphony,” said Paramount Trust chairman Dr. Robin Congreve.

“Paramount sees the purchase as extremely positive, given the calibre of the tenant and the length of lease. This acquisition ideally fits the Paramount portfolio requirements of a quality building in a strategic location with a stable income stream.

“Preliminary forecasts show that the return to unit holders will be maintained after settlement of the purchase.”

The agreement is subject to unit holders’ approval and raising of sufficient funding.

The building forms part of the Domain Centre business park and is adjacent to the Ericsson Building, which Paramount also owns. Total rental is $1.967 million, and the building has a nett lettable area of 5,945 square metres over five floors with an average floor plate of 1,117 square metres. There are also 160 basement car parks over two levels. The tenant, ANZ, is undertaking an extensive fit-out reflecting their long term commitment to the building.

Construction has commenced with completion expected in April 2004.

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