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WHS
27/08/2012 15:06
ASSET
REL: 1506 HRS The Warehouse Group Limited
ASSET: WHS: Sale of Properties
Auckland, 27 August 2012
THE WAREHOUSE GROUP LIMITED
Sale of Properties
Following the marketing of various properties, as announced on 1 June 2012,
The Warehouse is pleased to advise that it has entered into unconditional
contracts to sell the North Island Distribution Centre in Wiri and two stores
in addition to a conditional contract to sell a third store. These
properties will all be leased back to The Warehouse on long term contracts.
Settlement of the four property sales is expected to be completed in
September 2012. Once completed these sales are expected to realise proceeds
of $117 million and will generate a pre-tax gain of between $62 to $64
million. The sale proceeds will be reinvested in the business in line with
the priorities identified in the company's strategic plan.
Further details will be included in the Group's Full Year Result announcement
on 7 September 2012.
ENDS
Contact details regarding this announcement:
Mark Powell, Group CEO to be contacted via Wendy Irving on +64 9 488 3231
End CA:00226504 For:WHS Type:ASSET Time:2012-08-27 15:06:35
