THE NATIONAL PROPERTY TRUST SECURES NEW TENANTS AT EASTGATE

The National Property Trust's largest asset, the Eastgate Shopping Centre in
Christchurch, has secured a new tenant, hairdressing chain Hair Co. This
brings Eastgate's occupancy rate to 98.9 per cent.

The new Hair Co. lease follows successful leasing of another 500sqm of
specialty retail, including variety discount retailer, 123 Mart and home and
giftware retail, Max! Out.

General Manager for The National Property Trust Limited, John Crone says
"This is a significant achievement in what is undeniably a challenging market
for retail property owners. Six months ago Eastgate had several tenants
depart following lease expiries so we are very pleased that the occupancy
rate at the Centre is now just short of 99 per cent. Negotiations are also
advanced with a major national retailer for a prime 128 sqm site located at
the Centre's main entrance".

"Eastgate's leasing strategy has been to focus on the Centre's core strengths
of convenience and service focussed shopping. Retailer retention has also
been very strong, with several long term leases being renewed recently,
including Pascoes, JK Kids, Health 2000, OPSM, Divine Cakes and Brumbys.
Whilst we recognise that economic conditions are going to continue to be
subdued for sometime, the Centre is aptly poised to weather the storm with a
diversified retail mix, near to 100 per cent occupancy and a consistently
increasing average spend per customer." says Mr Crone.

ENDS

John Crone      Tel:    04 903 4809 DDI
General Manager Tel:    021 273 2735 Mobile
The National Property Trust Limited

BACKGROUND

The National Property Trust (NPT) is an NZX-listed property vehicle with
commercial, retail and industrial properties in its portfolio.  NPT owns
properties in Auckland, Napier, Tauranga, Wellington and Christchurch.  Its
assets are managed by The National Property Trust Limited.