NPT To Acquire The Warehouse Building at Eastgate

PRESS STATEMENT

For immediate release
28 January 2001

“National Property To Acquire The Warehouse Building at Eastgate”

The National Property Trust advises that it has entered into a sale and purchase agreement with Eldamos Investments Limited, a subsidiary company of The Warehouse Ltd, to acquire The Warehouse property at the Eastgate Shopping Centre for $9.135m.

The agreement is now unconditional and settlement will take place on 1 February 2002. A long term lease to The Warehouse Limited is in place.

The property, which is the largest The Warehouse retail store in the country, will be integrated into the adjoining shopping centre, which is currently being extensively redeveloped, and will boost the total retail area to approximately 30,500 square metres. On completion, Eastgate will have a total value of more than $70 million.

For further information contact:

Paul Dallimore
Executive Chairman
The National Property Trust Limited
P O Box 4445
CHRISTCHURCH

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