Investore Property Limited (NS) Ordinary Shares

Real Estate

Investore Property Limited (IPL) was established in October 2015 in connection with the acquisition of 19 Countdown supermarkets from Antipodean Supermarkets Limited and Antipodean Properties Limited. The transfer of 6 properties from Stride Property Limited (Stride) and Stride Holdings Limited to IPL took place between 29 April and 9 June 2016 by way of sale and purchase agreements for cash consideration equal to the most recently obtained independent valuation of the properties transferred (in each case, 31 March 2016). In June 2016, IPL entered into a sale and purchase agreement to acquire 14 Countdown supermarkets from Shopping Centres Australasia Property Group Trustee NZ Limited (the SCA Acquisition). Settlement of 6 properties occurred on 12 July 2016, with the other 8 properties expected to settle in September 2016. IPL's investment strategy is focused on Large Format Retail property assets. Large Format Retail means a single-storey or low level property comprising retail shops and outlets and car parking areas with more than 50% of the property generally occupied by, and more than 50% of the rental generally provided by, a single major tenant or a limited number of major tenants under net leases. IPL believes that Large Format Retail assets have a specific, differentiating set of attributes that can provide a reliable income return to shareholders. These attributes include: - quality tenants, including significant national retailers, offering rental income stability; - long weighted average lease terms; and - buildings that require low maintenance and capital expenditure requirements over the building life. IPL is managed by Stride Investment Management Limited (SIML) under the terms of a management agreement. SIML is also the manager of Stride and an Australian wholesale fund, Diversified NZ Property Fund Limited, which is in the process of restructuring to become Diversified NZ Property Trust. IPL is a Listed Portfolio Investment Entity (PIE). Shares in IPL began trading on the NZX Main Board on 12 July 2016. Following the completion of the SCA Acquisition in September 2016, IPL will own a portfolio of 39 properties with an independent valuation of $641.4 million as at 31 March 2016, primarily located in the main urban areas throughout New Zealand. IPL has been granted Listing with a 'Non-Standard' ("NS") designation. The NS designation was assigned to IPL because of provisions in its constitution allowing its manager, Stride Investment Management Limited, to appoint two directors to its board of four directors. For further information, please see a copy of the waiver under Documents on IPL's homepage on nzx.com.

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