Sale of Queenstown Property

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