ASSET: ALF: Allied Confirms Five Mile Sale

15 Jul 2010 10:10 am

ALF 15/07/2010 ASSET

REL: 1010 HRS Allied Farmers Limited

ASSET: ALF: Allied Confirms Five Mile Sale

15 July, 2010

Allied Confirms Five Mile Sale

Allied Farmers has confirmed the unconditional sale of the 23.3 hectare Five Mile property adjacent to the Queenstown Airport.

Allied Farmers, Managing Director Rob Alloway said "Given the current state of the property market, especially in large scale developments like this, we are very pleased to achieve a price that is nearing the upper end of the valuation scale". "We've always said that, given time, we could realise value from the former Hanover assets for our shareholders and indeed this has proved to be the case with Five Mile" said Mr Alloway.

Mr Alloway said the buyer did not wish to be identified at this point but the company was familiar with the Queenstown District and had previously done development in the region.

"They came late to this negotiation with a pretty compelling offer and we are very pleased to be able to have concluded such a significant deal. When both the buyer and seller are happy then the deal is usually about right" said Mr Alloway.

Settlement is scheduled for mid November.

Media Inquiries to: Malcolm Boyle/Alan McDonald Rob Alloway Star Public Relations Manager Director, Allied Farmers 09 912 7827 or 021922 022 or 0210 813 004 021 376642 End CA:00197286 For:ALF Type:ASSET Time:2010-07-15:10:10:33

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