Sale of Countdown Hornby, Christchurch

Investore Property Limited ('Investore') is pleased to announce that it has secured an unconditional agreement for the sale of its Countdown supermarket property at 17 Chappie Place, Hornby, Christchurch, for $21.5 million. The sale price represents an initial yield of 6.26% and a 10.8% premium to the property's value in Investore's 30 September 2017 interim financial statements of $19.4 million. Settlement is scheduled for 23 March 2018. This sale is part of a divestment programme announced by Investore on 13 November 2017, relating to the purchase of three Bunnings properties located in Hamilton, Rotorua and Palmerston North, for $78.5 million. This sale follows on from the recently announced sale of Investore's Fresh Choice Queenstown property for $11.1 million at a 4.8% initial yield, which represented a 12% premium to the property's value in Investore's 30 September 2017 interim financial statements. 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:00315023 For:IPL Type:GENERAL Time:2018-03-02 08:56:13