NPT Limited Purchases East Christchurch Properties

NPT Limited Purchases East Christchurch Properties for $1.8 million

NZX-listed property company NPT Limited (NPT) today announced the unconditional purchase of two East Christchurch properties for a total of $1.8 million. Settlement will be on Monday, 30 September 2013.

The two properties – 279 and 283-285 Linwood Avenue – are adjacent to NPT’s flagship retail complex, Eastgate Shopping Centre, situated on the corner of Linwood Avenue and Buckleys Road. These acquisitions will be funded by the company’s debt facility with the Bank of New Zealand.

The property at 279 Linwood Avenue is currently used as a medical centre which was recently acquired by Linwood Avenue Medical Centre Ltd. The transaction includes provisions which enable NPT to relocate Linwood Avenue Medical Centre Ltd into the Eastgate Shopping Centre in a purpose built medical centre.

NPT’s Managing Director, Kerry Hitchcock, says: “The development of purpose-built medical facilities for Linwood Avenue Medical Centre Ltd will bring significantly more foot traffic and patronage to Eastgate. Having the medical centre at Eastgate, together with the Linwood Service Centre and Library which is already located on Eastgate’s first floor, will further cement the company’s role in developing the centre as a community hub. NPT has a strong commitment to the people of east Christchurch, and the purchase of these two properties will increase opportunities to further develop the offering and facilities at Eastgate.”

Yesterday NPT announced the unconditional purchase of The Roskill Centre, an Auckland shopping centre for $32.85 million. Settlement is on 16 October 2013.

“The purchase of these properties follows the Company’s strategic review earlier this year where the Board sought future growth opportunities in Auckland, and returns Eastgate to a community-based centre. The company looks forward to the benefits of significant revenue and capital growth from these acquisitions,” says Kerry Hitchcock.
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