$49 MILLION OF PROPERTY SALES REDUCED NPT'S GEARING RATIO TO BELOW 25%

The National Property Trust Limited (NPTL), the Manager of The National
Property Trust (NPT) has announced today that it has sold two properties for
a combined purchase price of $49 million. The properties, located in central
Newmarket, Auckland, are the Rialto Centre and Carlton DFK Tower. The price
achieved represents a 5.77 per cent discount to the property valuations as at
NPT's financial year end, 31 March 2009.

Retail and entertainment tenants occupy the three floor Rialto Centre. The
adjoining Carlton DFK Tower comprises two floors of retail and five levels of
commercial offices and car parking.

Settlement of the two properties is scheduled for 11 September 2009 and the
net proceeds will initially be used to repay bank debt. This would bring
NPT's gearing ratio down below 25 percent.

NPTL General Manager, John Crone says "The successful sale of these
properties greatly assists with the Manager's current strategy which is to
reduce debt, improve the diversity of the property portfolio by reducing the
weighting to retail and provide the opportunity to improve the weighted
average lease term. The low level of bank debt also provides us with the
ability to explore new opportunities that will enhance the value of the
Trust."

Mr Crone also said "These successful sales come on top of recent leasing
successes at our Eastgate Shopping Centre in Christchurch. With these new
leases the Centre's total occupancy rate will sit at 98.93 percent, up from
96.3 percent at 31 March 2009."

For further information please contact:
Kevin Podmore   Tel:    021 273 2723 Mobile
Chairman, The National Property Trust Limited
Or
John Crone      Tel:    04 903 4809 DDI
General Manager, The National Property Trust Limited    Tel:    021 273 2735
Mobile
BACKGROUND

The National Property Trust (NPT) is an NZX-listed property vehicle with more
than $268 million of commercial, retail and industrial properties in its
portfolio.  NPT owns properties in Auckland, Napier, Tauranga, Wellington and
Christchurch.