Property Trust To Purchase Unisys House
Kiwi Income Property Trust To Purchase Unisys House, Wellington, for $44 million
Auckland (March 23, 2004) – In one of the largest property transactions in Wellington in recent years, Kiwi Income Property Trust (KIP) has entered into a conditional agreement with Macquarie Goodman Property Trust (MGP) to purchase Unisys House in Wellington for $44 million.
Situated on The Terrace, Unisys House is one of Wellington’s landmark CBD buildings, and is close to Parliament and a number of major government departments and ministries. MGP is divesting the property as part of its repositioning exercise to focus on the industrial property sector.
The property has 100% occupancy (net lettable area 22,090 sqm) with the major tenants being Unisys, Securities Commission, Crown Law, and the Department of Labour.
Chief Executive of the Manager of Kiwi Income Property Trust, Angus McNaughton, says that with its government leases, the purchase of Unisys House will further diversify KIP’s tenant mix.
“This is a quality asset at the government end of Wellington’s CBD. The property has been substantially refurbished, and is a strong performer in the Wellington commercial property market.”
Unisys House will be KIP’s third major commercial property in the Wellington market, the others being BP House and the Majestic Centre. The acquisition will be funded by debt.
The purchase of Unisys House remains conditional,
including the approval of KIP’s Manager and Trustee.
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 Exchange and is ranked 14th by market capitalisation on the NZSX50.
The Trust’s office assets are located in key CBD locations and comprise:
Vero 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
The Trust’s retail assets comprise:
Northlands Shopping Centre Christchurch Centre Place Shopping Centre Hamilton Downtown Plaza Shopping Centre Hamilton North City Shopping Centre Porirua The Plaza Shopping Centre Palmerston North