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ANZ National announces sale of retail sites

MEDIA RELEASE For Immediate Release Monday 21 July 08

ANZ National announces sale and lease-back of retail sites

ANZ National today announced the sale and lease-back of 16 of its National Bank branch properties across New Zealand as part of its long-term property strategy.

The properties are available with secure long-term leases of nine years with several renewal options for up to 24 years. The selected properties include six North Island and 10 South Island locations.

“The move is part of our wider property strategy and provides us with long-term use of these premium retail properties while unlocking capital to reinvest for growth,” said Lindis Jones, Head of Property for ANZ National.

“This is not an unusual initiative for us. Most bank premises are leased rather than owned. To put this in perspective, we only own 56 of our 314 ANZ and National Bank branches.” “Branches are a crucial part of our business and we remain committed to maintaining our presence in our communities. At the same time we have plans to expand our footprint in several key regions, especially Auckland.”

Seven new ANZ and National Bank branches have been opened in the past 12 months, including Sylvia Park, Albany, St Lukes, Mt Eden and most recently the purpose-built sustainable branch in Blockhouse Bay. Several more will open before the end of 2008.

The sale and lease-back of the property portfolio will be managed by commercial real estate company CBRE. Managing Director of CBRE, Richard Horne, said that he expected strong market interest in these properties, which comprise one of the largest property portfolios to come onto the New Zealand market this year.

“The branches offer buyers strong investment opportunities and long-term leases. Given the key locations of these branches, the security of tenure and the income growth prospects offered by the lease-backs, we expect the sale will appeal to astute investors all over the country.”

Auctions will be held during September.

Ends.

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