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NPT Limited's Henderson Property Fetches $7.301 Million


News Release 30 September 2011

For immediate release

NPT Limited's Henderson Property Fetches $7.301 Million


NPT Limited’s Auckland property at 36 Sel Peacock Drive, Henderson has been sold unconditionally for $7.301 million. Settlement will take place on 7 November 2011.

NPT’s acting chief executive officer Kerry Hitchcock says, “This is an excellent result for the Henderson property with the sale price above the valuation of $6,850,000 as at 31 March 2011. The sale of this Henderson property allows NPT to retire some debt and to reinvest in properties where we believe we can add value and enhance returns to our shareholders.”

The substantial two-level office building has a floor area of 4,007m2. Leased to the Ministry of Social Development (MSD) for eight years from 27 October 2011, the property is close to Henderson’s commercial district. The lease to MSD was structured as a gross lease, net rental after operating costs reflects a return of 8.66 percent. The property was marketed by Paul Dixon of Bayleys Real Estate.

NPT Limited is an NZX-listed company (NPT). It has a diversified portfolio of retail, commercial and industrial properties located in Auckland, Hawke’s Bay, Wellington and Christchurch. NPT was established in 1994 as a unit trust, The National Property Trust. On 1 April 2011 the trust was corporatised and became NPT Limited.

ENDS

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