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Trade & enterprise signs for the majestic centre

5 October 2004

New Zealand Trade & enterprise signs for the majestic centre

Kiwi Income Property Trust advised today that it has signed a lease with New Zealand Trade & Enterprise (NZTE) for 3,000m2 in its landmark Wellington office building, The Majestic Centre.

NZTE will become the first New Zealand government tenant in the building, a New Zealand architectural icon and one of Wellington's highest quality CBD office buildings.

NZTE will occupy two floors and part of two others and will join, among other tenants, Ernst & Young, Opus Consulting, IBM, and the Embassy of Japan. The office space is now 93% occupied, with strong interest in the remaining available space.

Commercial Portfolio Manager for the Manager of the Trust, Jon Lesquereux, said the signing of NZTE as a major, long-term tenant underscored the fundamental value of the building.

"The Majestic Centre is one of New Zealand's great office buildings, favoured by corporate tenants for its scale, international quality specifications, unique architectural characteristics and accessibility to the city. Its ability to attract and accommodate a Crown entity with a commercial focus is testimony to its quality and value."

Mr Lesquereux said the signing of NZTE coincides with the current upgrade of the building's lobby, which will incorporate an espresso bar and meeting area, and the refurbishment of the gymnasium.

NZTE's lease will commence from 1 May 2005.

ENDS

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