Thursday, 16 August 2018

Announcement

CORPACT: NPT: Sale of Property - 17 Print Place, Christchurch

19 Dec 2017 08:30NZX
NZX Announcement - 19 December 2017

Sale of Property - 17 Print Place, Christchurch

NPT Limited (NZX: NPT) advises it has accepted an offer for the sale of its
Print Place, Christchurch property.

The NPT Board formed a view that this property no longer fits with its
preferred strategy for the future of NPT and therefore should be sold.

Print Place is an industrial property in Christchurch. Although higher than
average yields have been achieved in the past, this location and type of
commercial property is no longer in strong demand.  The property is now
experiencing tenancy vacancies and requires substantial capital investment.

NPT ran a Sale by Tender campaign through Colliers International in
Christchurch. The process resulted in three offers being received by the
Company.  Of these, an offer of $8.25 million was deemed most attractive
based on a number of factors, including having the least conditions attached,
and that offer has been accepted.

Although the offer is below the current carrying value of $11m, it is the
view of the NPT Board that the sale price achieved allows the Company to
arrest ongoing losses and to reinvest capital into opportunities which offer
better long-term value growth.

The purchaser is a South Island-based private investor.

Ends.

Tony Osborne
Chief Executive Officer
NPT Limited
T 09 375 9081
E tony@npt.co.nz

Bruce Cotterill
Chairman
NPT Limited
T 021 668 881
E bruce@cotterill.co

Any media inquiries to be directed to:
Karyn Arkell
Grace PR
T 027 475 3511
End CA:00312117 For:NPT    Type:CORPACT    Time:2017-12-19 08:30:12
Views: 44
NPT Limited Ordinary Shares
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