KIPT Purchases NGC House for $19.3 million

(KIPT Logo)

ANNOUNCEMENT TO NZX
For immediate release
13 May 2004

Kiwi Income Property Trust Purchases NGC House for $19.3 million

Auckland – Kiwi Income Property Trust has entered into an agreement with American owned Amtrust Pacific to acquire the NGC Building at 44 The Terrace in Wellington for $19.3 million.

The property is located immediately adjacent to Unisys House, which was recently purchased by the Trust for $44 million. Situated centrally within the government district, the 13 level, 10,000m² tower was constructed in 1988 and substantially upgraded in 2002. It is fully leased, with the major tenants being Natural Gas Corporation, Commerce Commission, Tertiary Education Commission, and Department of Corrections.

Chief Executive of the Manager of the Trust, Angus McNaughton, said that the attributes of the property are similar to the recently acquired Unisys House, as it will further diversify and strengthen the Trust’s tenant mix.

“The property is well located with an excellent lease profile, and has potential for rental growth. It has been upgraded to a good standard and there are synergies with Unisys House. This acquisition will consolidate the Trust’s ownership in the northern CBD.”

NGC House will be the Trust’s fourth major office asset in the Wellington market, the others being BP House, the Majestic Centre, and the recently acquired Unisys House. Subject only to Overseas Investment Commission approval, the acquisition will be settled on September 30, 2004, and will be funded by debt.

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
Unisys 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

Kiwi Income Property Trust’s website address is www.kipt.co.nz.

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