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Contract to Buy Auckland CBD's The Finance Centre

News Release 12 August 2004

St Laurence Secures Contract to Buy Auckland CBD Property,
The Finance Centre

St Laurence Property & Finance Limited announced today that it has secured a conditional contract to purchase The Finance Centre in Auckland’s central business district for $101 million.

Currently owned by listed property company, Trans Tasman Properties, the sale and purchase contract is conditional upon due diligence with an announcement expected in mid-September 2004.

“Opportunities to purchase significant commercial properties in Auckland’s CBD don’t present themselves very often. The Finance Centre represents an attractive investment opportunity and one that warranted due consideration,” St Laurence Property & Finance Limited’s chief executive John Mallon said.

The Finance Centre comprises four buildings with a total net lettable area of 40,900 square metres and 497 carparks. Located on Queen Street, in the heart of Auckland’s commercial district, the centre fronts onto both Victoria and Albert Streets.

ENDS

BACKGROUND

St Laurence Limited

is an Australasian investment and finance company specialising in property bond issues, fixed interest debenture stock investments, managed funds and syndicated property investments.

Founded in 1994 by its Managing Director Kevin Podmore, St Laurence’s mission is to provide investors with higher yields than bank deposits while minimising the risks normally associated with higher performing investments.

The company’s rapid growth over the past ten years is the result of a disciplined and structured approach to the property and finance markets.

With offices in Wellington and Sydney, St Laurence manages more than $550 million of assets for more than 12,000 investors.

St Laurence is owned by Wellington businessmen Kevin Podmore and Mike O’Sullivan who are both well known in the commercial sector.

Prior to setting up the company Kevin Podmore worked on economic consulting projects for The Treasury and some of New Zealand’s largest private sector companies. Mike O’Sullivan has property management and valuation expertise and established property and valuation firm Rolle Associates Limited.

St Laurence is now focused on growing its business in Australia where it opened an office in Sydney in 2001 and expanding its core business to include funds management.

St Laurence Property & Finance Limited

St Laurence Property & Finance Limited was established in April 2000 and is an active property investment and financing company. Its activities include property investment, property projects and developments, lending and underwriting services, securities investment, and investment in property backed commercial enterprises. The company had total consolidated assets of $232 million and shareholders’ equity of in excess of $56 million as at 31 March 2004.

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