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Kiwi Income Property Trust Raises NZ$50 million

Kiwi Income Property Trust Raises NZ$50 million

Auckland – Kiwi Income Property Trust has successfully raised NZ$50 million through a placement of units to institutional investors to fund the acquisition of Unisys House in Wellington.

The Trust has an unconditional contract to purchase Unisys House in Wellington’s CBD and government precinct for $44 million, with settlement due on April 30, 2004. The property has been substantially refurbished, and with its government sector tenants will further diversify the Trust’s tenant mix, said Chief Executive of the Manager of Kiwi Income Property Trust, Angus McNaughton.

“A total of 49,504,950 units at $1.01 per unit will be issued on 5 May 2004, and will rank equally with ordinary units, but will not participate in the final dividend relating to the year to March 31, 2004 that will be paid in June 2004. The new issued units will initially trade as Kiwi Income Property Trust New Ordinary Units (under the acronym KIPNC and ISIN NZKIPE0010S6), but will amalgamate with existing units after the final dividend record date which will be June 11, 2004.” said Mr McNaughton.

Goldman Sachs JBWere acted for Kiwi Income Property Trust in arranging this placement.

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