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Dress-Smart Expansions Near Completion

18 October 2005

Dress-Smart Expansions Near Completion

Expansion of two of New Zealand’s leading outlet centres is now nearing completion.

In February, ING NZ Retail Fund (‘the Fund’), a subsidiary of ING Retail Property Fund Australia received Resource Consents for a NZ$18million expansion of Dress-Smart Onehunga in Auckland and a NZ$5million expansion of Dress-Smart Hornby in Christchurch.

Construction of the Dress-Smart Onehunga extension is nearing completion and fitout is commencing shortly for many of the tenancies. Floor space has been increased by 3,800m2 – or over 40 per cent – and 40 new stores will be added to the centre over the next four months, bringing the total number of separate retail outlets to 110.

The first 20 stores will begin trading in November. These include popular clothing retailers Colorado, Meccano, Untouched World, David Lawrence, McKenzie Country and footwear brand, Mi Piaci. Life Pharmacy is also opening a Life outlet store selling quality cosmetics, perfumes and body care products. And, Gloria Jeans café and Wendy’s Supa Sundaes will make their Dress-Smart debut.

Existing tenants relocating to larger stores include adidas, Puma, Designer Haircare, Levis, Cue, Resort X, Book Clearance and Jeans West; all of whom have doubled their retail area.

In Hornby, construction of the 1,700m2 extension is now in its final stages and fitout is well advanced in the new premises. The 15 new tenancies will open from mid October through to early November. The official centre extension opening will take place on 4 November 2005.

The first new stores due to open later this month include popular children’s clothing retailers Pumpkin Patch and Just Kids as well as Canterbury NZ, Pacific Brands, Designer Haircare, Ripcurl and Meccano. A number of existing tenants are relocating to larger stores, including the popular Diesel outlet.

Anthony Bertoldi, CEO of the Fund said the decision to expand the centres was based on strong tenant demand at both centres and continued strong trading performance.

“Our decision has been validated as evidenced by exceptionally strong leasing figures at both centres. The range and quality of new international and domestic brands attracted also clearly supports the continued success of the Dress-Smart concept,” he said.

Prime Retail Management Limited, who manages the Dress-Smart portfolio on behalf of owners ING NZ Retail Fund, is also very pleased with the latest development.

“The Onehunga and Hornby expansions will ensure that Dress-Smart centres remain New Zealand’s premier outlet shopping destinations. Dress-Smart continues to offer shoppers an unrivalled, comprehensive choice of popular brands under one roof,” Mr Schiele said

ENDS

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