NPT ran a Sale by Tender campaign through Colliers International in Christchurch. The process resulted in three offers being received by the Company. Of these, an offer of $8.25 million was deemed most attractive based on a number of factors, including having the least conditions attached, and that offer has been accepted.
Although the offer is below the current carrying value of $11m, it is the view of the NPT Board that the sale price achieved allows the Company to arrest ongoing losses and to reinvest capital into opportunities which offer better long-term value growth.
The purchaser is a South Island-based private investor.
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