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- Release Date: 01/06/12 13:01
- Summary: ASSET: WHS: WHS - Proposed Marketing of Properties
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WHS
01/06/2012 11:01
ASSET
REL: 1101 HRS The Warehouse Group Limited
ASSET: WHS: WHS - Proposed Marketing of Properties
THE WAREHOUSE GROUP LIMITED
Proposed Marketing of Properties
The Warehouse will market four properties on a sale and leaseback basis
through Colliers International. The sales process is expected to be
completed during the next six months and will generate sale proceeds of
approximately $100 million if all the properties are sold.
Three stores and the North Island Distribution Centre in Wiri will be offered
on long term leases, which reflects the importance of these properties to the
Warehouse's ability to grow revenue and satisfy our customers for many years
into the future.
Group Chief Executive Officer, Mark Powell said, "The Warehouse regularly
reviews it's property holdings to determine whether to own or lease a
particular property and the most recent review has resulted in the marketing
of these properties. The sale proceeds will be reinvested in the business in
line with the priorities identified in the company's strategic plan."
Mr Powell said that the sale and lease back of these proprieties will provide
attractive investment opportunities for commercial property investors to
acquire quality commercial assets in prime locations occupied by a leading
New Zealand company.
ENDS
Contact details regarding this announcement:
Mark Powell, Group CEO to be contacted via Wendy Irving on +64 9 488 3231
End CA:00223522 For:WHS Type:ASSET Time:2012-06-01 11:01:52
