Sale of Countdown Dunedin South

Investore Property Limited ('Investore') is pleased to announce that it has secured an unconditional agreement for the sale of its Countdown Supermarket property at 323 Andersons Bay Road, Dunedin, for $19.328 million, with settlement scheduled for 1 April 2019. The sale price represents an initial yield of 6.26% and a 5.6% premium to the property's value recorded in Investore's 31 March 2018 financial statements of $18.3 million. This sale completes the divestment programme announced by Investore on 13 November 2017, associated with the purchase of three Bunnings operated properties for $78.5 million in February 2018 and follows on from the successful sale of Investore's Fresh Choice Queenstown and Countdown in Hornby Christchurch, both of which settled in March 2018. End For further information please contact: Mike Allen, Chairman, Investore Property Limited - Mobile: 021 606 134 Philip Littlewood, Chief Executive Officer, Stride Investment Management Limited as manager of Investore Mobile: 021 230 3026 - Email: philip.littlewood@strideproperty.co.nz Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited as manager of Investore Mobile: 021 536 406 - Email: jennifer.whooley@strideproperty.co.nz Louise Hill, General Manager Corporate Services, Stride Investment Management Limited as manager of Investore and Company Secretary of Investore Mobile: 0275 580 033- Email: louise.hill@strideproperty.co.nz End CA:00328152 For:IPL Type:GENERAL Time:2018-12-11 08:45:10