Thursday 29th of January 2004

ABN AMRO CHCH PURCHASE .............. ASSET: URB: Urbus Acquires Two Bulk Retail Properties 29-Jan-2004 09:06:41 URB 29/01/2004 ASSET REL: 0906 HRS URBUS Properties Limited ASSET: URB: Urbus Acquires Two Bulk Retail Properties Listed diversified property investor Urbus Properties Limited announced today they have purchased two bulk retail properties from Pacific Retail Group in an "off market" transaction. This builds on an existing relationship between the two companies whereby Urbus leases space to Pacific Retail Group in several other properties owned by Urbus within it's portfolio of 56 properties. Both properties are currently under development and are due to be completed at the end of February. One property is located within the Wairau Park bulk retail area, and the other is located in the centre of Papakura opposite the Countdown supermarket. The properties are 72.49% leased with Urbus assuming responsibility for the completion of the leasing. Upon completion the properties will yield a 9.03% return on the total cost of $17.5m with the remaining available tenancies being leased at market rates. Pacific Retail Group will have three tenancies at Wairau Park (Noel Leeming Furniture, Noel Leeming Appliances and Big Byte). All these leases are for a nine year term. The other lease within the Wairau Park property is to NZ Post for a six year term. The Noel Leeming store at Papakura, which is an anchor for this development, is for a six year term. Urbus Management CEO Murray Barclay said "The properties are an ideal fit for the Urbus portfolio being well located bulk retail properties within the Auckland region". Bulk retail was again the top performing property sector in the recently released Property Council property performance survey for the year ending September 2003. After this transaction the mix of properties owned by Urbus as part of the $392.5m portfolio will be: Bulk Retail 45% Industrial 34% Office 21% Urbus now has 67% of its properties (by value) located in the Auckland Region.