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Trust Fully Leases Stage 1 of Northlands

Kiwi Income Property Trust Fully Leases Stage 1 of Northlands

High demand augers well for NZ’s largest shopping mall

Auckland (May 1) - Strong demand for retail space has enabled Kiwi Income Property Trust to fully lease the first stage of the new Northlands Shopping Centre in Christchurch well ahead of schedule.

Demand for space in the centre is so strong that stage one of the development is fully leased three months ahead of the scheduled opening.

“We are experiencing strong and continuing demand from national and international companies for quality retail space within the redeveloped centre,” said Angus McNaughton, Chief Executive of Kiwi Income Property Trust.

Mr McNaughton said the high demand augers well for the success of the complete Northlands development, which is poised to add value to Kiwi Income Property Trust’s already-significant retail assets. The $90 million Northlands redevelopment will feature 120 shops, and with 40,700 square metres of retail space will become the largest enclosed shopping centre in New Zealand.

The first stage of the redevelopment comprises 54 stores and these are scheduled to open mid year, with the second and third stages of the redevelopment to be completed by Christmas and March next year respectively.

“The very strong interest in new retail space shows the strength of the economy in general, and the retail sector in particular,” said Mr McNaughton.

A number of established retailers have been attracted to stage one of the development, including children’s clothes retailer Pumpkin Patch, jeweller Stewart Dawson, and homeware and gift store Acquisitions. Lush, a U.K.-based international retailer of handmade cosmetics will enter the South Island market for the first time with a new shop at the Centre.

One of the five major anchor tenants of the Northlands redevelopment, The Warehouse, will also open its new Northlands store mid year. The other four anchor tenants are Farmers, Pak’N Save, Hoyts Cinemas, and Countdown.

Mr McNaughton said the calibre of the tenants in the centre is a testament to the quality of the redevelopment.

“For Kiwi Income Property Trust this is a significant development and it is pleasing to see the success we are having at this stage in the project,” he said.

“The redevelopment is helping to re-weight our overall portfolio more in favour of retail assets and will ensure that the Trust continues to be one of the most balanced and solid investments New Zealanders can have in their portfolio.”

Kiwi Income Property Trust is New Zealand’s largest listed property Trust with assets of more than $880 million. It is the 13th-largest company on the New Zealand Stock Exchange by market capitalisation.

Its major assets include the Royal & Sun Alliance Centre and National Bank Centre in Auckland, the Majestic Centre in Wellington and the PriceWaterhouseCoopers Centre in Christchurch.

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