Trust sells HP House for $25.8 million

Thursday, 3 June 2004, 11:18 am
Press Release: Kiwi Income Properties Limited

Kiwi Income Property Trust sells HP House for $25.8 million

Auckland – Kiwi Income Property Trust has entered into an unconditional agreement with Macquarie Goodman Property Trust to sell HP House, 4 Viaduct Harbour Avenue, in Auckland for $25.8 million.

The property is located within the Viaduct Basin development area on a leasehold site. The seven storey building was constructed in 2000, and has a total lettable area of 7,370m2 with 70 car parking spaces.

Chief Executive of the Manager of the Trust, Angus McNaughton, advised that the sale at $25.8 million was ahead of the Trust’s 31 March 2004 book value of $25.35 million. He added that the sale of the property continues the Trust’s strategy of recycling non-strategic assets to invest in assets that will better diversify and strengthen the Trust’s tenant mix and income profile. Mr McNaughton pointed to the recent acquisitions of Unisys House and NGC House, both located on The Terrace, Wellington, as further examples of this ongoing strategy.

The proceeds from the asset sale, which is due to settle at the end of September 2004, will be used to reduce debt.

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