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Contract on Henderson Property now Unconditional

Contract on Henderson Property now Unconditional

The National Property Trust advises that its contract to acquire the WINZ Building at 36 - 44 Sel Peacock Drive, Henderson, Auckland, is now unconditional following approval of the transaction by the shareholders of the vendor on 24 November 2004.

The building is occupied by Child Youth and Family and the Ministry of Social Development on recently renewed 7 year leases at market rentals.

The purchase price is $7.3m and will settle on 30 November 2004. The consideration is a mixture of cash and equity with a total of 5,859,000 new units being issued to the shareholders of the vendors. The issue price of the new units is the net tangible asset backing per unit of the Trust as at 31 May 2004 and there will, therefore, be no dilution of the existing units on issue.

The completion of this purchase and the recently announced acquisitions in New Plymouth will lift the Trust's property portfolio to $240m and will increase the units on issue by 9,002,000 to 120,453,563.

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