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NGC Building purchase unconditional

(KIPT Logo)
ANNOUNCEMENT TO NZX
For immediate release
20 May 2004

Kiwi Income Property Trust announces NGC Building purchase unconditional

Auckland – Kiwi Income Property Trust has advised that its contract with American owned Amtrust Pacific to acquire the NGC Building at 44 The Terrace in Wellington for $19.3 million is now unconditional.

The agreement with Amtrust Pacific was announced on 13 May, but at that time was conditional upon receipt of Overseas Investment Commission approval. This condition has now been satisfied and the transaction is to be settled on 30 September 2004.

The property is situated immediately adjacent to the recently purchased Unisys House in Wellington’s northern CBD. It has been comprehensively refurbished and is fully leased to predominantly Government tenants.

Chief Executive of the Manager of the Trust, Angus McNaughton, says that the NGC Building is a quality asset, which is complementary to Unisys House. It adds value to the Trust in the competitive Wellington Government sector and will further diversify and strengthen the Trust’s tenant mix.

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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