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Northlands Celebrates Stage One Opening

Northlands Celebrates Stage One Opening

Stage One of Kiwi Income Property Trust’s $90 million Northlands Shopping Centre redevelopment in Christchurch will be officially opened tomorrow (24 July). The first stage includes 54 new speciality stores and 400 undercover car parks.

“The opening of Stage One is just the beginning of what is going to be a great new centre,” said Angus McNaughton, Chief Executive of Kiwi Income Property Trust.

“Stage One of the Northlands redevelopment has been a great beginning for the project, and work has now begun on Stage Two,” said Mr McNaughton. Final completion of the Northlands redevelopment is scheduled for Easter 2004 and at that time, the total lettable area will be 40,700 m2, almost twice the current 20,785 m2. This will make Northlands Shopping Centre the largest enclosed shopping centre in New Zealand.

Stage Two of the redevelopment will focus on the fashion and homeware precincts as well as a new food court, which will offer 12 different food outlets.

The new Northlands will become the only shopping centre in Christchurch to feature five major anchor tenants: Farmers, Pak’N Save, The Warehouse, Hoyts Cinemas, and Countdown supermarket, as well as 120 speciality stores. This will make it, on completion, the largest enclosed shopping centre in the country.

Mr McNaughton said Kiwi Income Property Trust is especially delighted to welcome the new retailers who have come on board with the redevelopment.”

Lush, Stevens, Pumpkin Patch and BQ are just some of the new retailers taking advantage of the Northlands redevelopment.

About Kiwi Income Property Trust

Kiwi Income Property Trust’s aim is to maximise returns for its unit holders through the careful acquisition and professional management of its property portfolio. All net income (after tax) is distributed to unit holders in each financial year. The Trust is listed on the New Zealand Stock Exchange and is the market’s 12th largest company by market capitalisation.

The Trust reported a 3.2% increase in net income after tax to NZ$44.75 million for the year to 31 March 2003.

The retail assets of the Trust's portfolio have been consistent performers in one of the strongest sectors of the New Zealand property market.

The continued expansion and development of shopping centres in the portfolio is an important element of the Trust's retail investment strategy because of the relatively small number of large established shopping centres in New Zealand, and the limited number of opportunities for new investment.

The Trust’s retail assets comprise:

Northlands Shopping Centre Christchurch Centre Place Shopping Centre Hamilton Downtown Plaza Hamilton North City Shopping Centre Porirua The Plaza Shopping Centre Palmerston North

Kiwi Income Property Trust's office assets are located in key CBD locations in Auckland, Wellington and Christchurch. The quality and location of the properties see them recognised as leaders in each city. The properties include:

Royal & SunAlliance Centre Auckland
National Bank Centre Auckland
HP House Auckland
Vodafone House Auckland
AUT Faculty of Arts Building Auckland
Majestic Centre Wellington
BP House Wellington
PricewaterhouseCoopers Centre Christchurch

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