24 January 2012
The Manager
Company Announcements Office
ASX Limited
Exchange Centre
20 Bridge Street
Sydney NSW 2000
Dear Sir/Madam

Asset Sale Programme - Completion of Sale of Italian and Austrian Properties

APN Funds Management Limited (APN), the responsible entity of the APN European Retail Property Group (AEZ or Group) advises it has completed the sale of AEZ's assets in Italy and Austria being: