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Settlement - Centre City Shopping New Plymouth

21 December 2004 MEDIA RELEASE

SETTLEMENT - CENTRE CITY SHOPPING CENTRE NEW PLYMOUTH

Capital Properties New Zealand Limited (CNZ) announced that it settled the purchase of Centre City Shopping Centre in New Plymouth on 17 December 2004.

The settlement was fully funded by bank debt. The purchase price of $32.0 million provides an initial yield on passing net income of 10.8% providing an immediate enhancement to earnings per share. The centre has been valued by CB Richard Ellis at $33.8 million.

Background

Originally constructed in 1988, Centre City comprises a fully enclosed three level shopping centre with a net lettable area of 15,100 square metres and multilevel carparking for 720 cars. The centre is anchored by a Farmers department store and a Pak'n Save supermarket and contains 44 specialty retail tenancies. Situated on Gill Street on the New Plymouth foreshore, the centre complements the main retail strip on Devon Street and forms part of a compact retail core in the heart of New Plymouth township.

ENDS

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