Wednesday, 21 February 2018

Announcement

GENERAL: IPL: Sale of Queenstown Property

26 Jan 2018 16:20NZX
Investore Property Limited (''Investore'') has agreed to sell the Fresh Choice
supermarket property at 64 Gorge Road, Queenstown, for $11,100,000.  The sale
price represents an initial yield of 4.8% based on the most recently reported
rental as at 31 March 2017 and a 12% premium to the property''s value in
Investore''s 30 September 2017 accounts of $9,900,000.  The sale is
unconditional and settlement is scheduled for 20 March 2018.

The sale is consistent with Investore''s plan to dispose of up to three
properties, as announced on 13 November 2017 in connection with the proposed
acquisition of the three Bunnings properties.  These disposals are intended
to provide balance sheet capacity for future activities.

End

For further information please contact:

Mike Allen, Chairman, Investore Property Limited
Mobile: 021 606 134 - Email: mike.allen@investoreproperty.co.nz

Philip Littlewood, Chief Executive Officer, Stride Investment Management
Limited as manager of Investore
DDI: 09 913 1122 - Mobile: 021 230 3026 - Email:
philip.littlewood@strideproperty.co.nz

Jennifer Whooley, Chief Financial Officer, Stride Investment Management
Limited as manager of Investore
DDI: 09 913 1150 - Mobile: 021 536 406 - Email:
jennifer.whooley@strideproperty.co.nz

Louise Hill, General Manager Corporate Services, Stride Investment Management
Limited as manager of Investore
DDI: 09 976 0352 - Mobile: 0275 580 033- Email:
louise.hill@strideproperty.co.nz
End CA:00313483 For:IPL    Type:GENERAL    Time:2018-01-26 16:20:41
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