CDI: Purchase of industrial land in Christchurch

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S T O C K E X C H A N G E A N N O U N C E M E N T

Date 12 July 2024

PURCHASE OF INDUSTRIAL ZONED LAND IN CHRISTCHURCH
CDI has today entered into unconditional agreements via its wholly owned subsidiary CDL Land New
Zealand Limited for the purchase of 10.08 hectares of land located in Burnside, Christchurch for a total
cost of $17.1 million. The land will become part of the wider Industrial Park Precinct and will be
developed into multiple industrial lots.

CDI Chief Executive Officer Jason Adams said that opportunities to acquire land for industrial
development in Christchurch in such strategic locations were rare and this was an opportunity that CDI
could not ignore.

“As part of our wider diversification strategy, we have been looking at opportunities of this nature to
expand our commercial development portfolio. This is an area which we have been scouting for some
time and having completed due diligence, this purchase gives us the opportunity to expand our
commercial developments to the South Island”, he said.

Mr. Adams noted that the land’s current zoning allowed it to be developed immediately and he
indicated that approximately 15 to 17 industrial lots could be created.

“We will be working on our scheme plans for the site ahead of settlement later in the year and applying
for resource consents in due course. The size of the land will give us opportunities to develop and
then sell some of the lots in the next few years with the potential to retain some to add to our
commercial portfolio and grow our rental income”, he said.

CDI advised that funding for the purchase would come from retained earnings and no borrowings
would be required to complete the purchase. Settlement of the purchase is scheduled to take place in
September 2024.


-ENDS-

Issued by CDL Investments New Zealand Limited

About CDL Investments New Zealand Limited:
CDL Investments New Zealand Limited (NZX:CDI) has a proud track record of acquiring and developing residential sections in
New Zealand for over two decades. With a focus on creating and developing a range of high-quality residential sections to New
Zealanders, CDI has successfully completed numerous subdivision projects in Auckland, Hamilton, Tauranga, Hastings,
Havelock North, Taupo, Nelson, Christchurch, Rolleston (Canterbury) and Queenstown. More recently, CDI has successfully
completed commercial property projects including industrial warehouses in Wiri, South Auckland and neighbourhood centres at
Prestons Park, Christchurch and Stonebrook in Rolleston. CDI is a majority-owned subsidiary of NZX-listed Millennium &
Copthorne Hotels New Zealand Limited.