Successful Completion of $65 Million Placement

Investore Property Limited (Investore) advises that it has successfully completed the $65 million placement of new shares which forms part of the $80 million capital raising announced on 19 November 2019. The placement had been fully underwritten and was allocated to investors at the final price of $1.75 per share. Mike Allen, Chairman of Investore, said "The Board is delighted with the outcome of the placement, with the full $65 million fully allocated, following strong support from current and new institutional shareholders. The capital raising provides the funding flexibility to pursue the conditional acquisition of three large format retail properties from Stride Property Limited announced on 19 November 2019, growing Investore's overall portfolio and supporting execution of its strategy." Settlement and allotment of the new shares issued under the placement is expected to occur on 25 November 2019. Goldman Sachs New Zealand Limited acted as sole lead manager, placement agent, bookrunner and underwriter of the placement. Retail Share Offer opens on Monday Eligible shareholders will receive their personalised application forms to apply for up to $50,000 of new shares at the same price as the placement ($1.75) from 25 November 2019. Shareholders can apply online at www.shareoffer.co.nz/investore (operational once the retail offer opens) until 5.00pm (NZT) on 4 December 2019. Record Date 5.00pm (NZ time): 18 November 2019 Announcement of Offer: 19 November 2019 Retail Offer Opening Date: 25 November 2019 Offer Document and Application Form sent to eligible shareholders: 25 November 2019 Retail Offer Closing Date (last day for online applications, or for receipt of an Application Form, with payment): 4 December 2019, 5pm Allotment of new shares under the Retail Offer and commencement of trading: 10 December 2019 These dates are subject to change and are indicative only. Investore reserves the right to alter the key dates, subject to applicable laws and the NZX Listing Rules. Investore reserves the right to withdraw the retail offer at any time prior to the issue of the shares under the retail offer at its absolute discretion. Ends 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 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 Mobile: 0275 580 033- Email: louise.hill@strideproperty.co.nz End CA:00344558 For:IPL Type:OFFER Time:2019-11-20 08:31:13