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Kiwi Income Trust Restructures Debt Facility

Kiwi Income Property Trust Restructures Debt Facility

Auckland (March 23, 2004), Kiwi Income Properties Limited, as Manager of Kiwi Income Property Trust, has entered into a new debt facility totalling $350 million with four leading banks.

The participating banks are Bank of New Zealand, ANZ Banking Group (New Zealand) Limited, Westpac Banking Corporation and Commonwealth Bank of Australia.

Chief Financial Officer, Gavin Parker, said the terms of the new facility were a considerable improvement over the old facility, which was to expire in October 2004.

“The benefits to the Trust are a reduction in the total cost of debt, a greater spread of maturity periods, and the introduction of Westpac and CBA to the facility.”

“The improved terms reflect the continued growth of the Trust, the quality of its property portfolio and tenants, and the sound governance and stewardship provided by the Manager and its parent, Colonial First State Property, Australia.”

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