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AMP Property Portfolio announces sale

1 November 2006

AMP Property Portfolio announces sale of National Bank Centre, 209 Queen Street, Auckland

AMP Property Portfolio subsidiary Capital Properties New Zealand Limited (“CPNZ”) announced today that it has entered into an unconditional contract to sell its undivided 50% share and assign its interest in the Participatory Ground Lease in the National Bank Centre, Queen Street to Kiwi Income Property Trust (“KIPT”).

The sale price of $55.6 million provides an initial yield on passing net income of 7.58%. Settlement is scheduled for 20 November 2006. The sale proceeds will be used to retire bank debt.

Capital Properties embarked upon an international sale process early this year resulting in it entering into a conditional contract to sell its 50% interest in the property to a third party Australian investor, conditional only on Capital Properties complying with the pre-emptive right provisions of the Joint Venture agreement with KIPT. KIPT exercised its option to purchase.

This sale is consistent with a strategy to focus primarily on efficient Auckland B-grade private sector office and the Wellington government office sector where CPNZ has a number of developments pending, underway or nearing completion. This sale increases the government office sector weighting in the Capital Properties portfolio from 46% to 60% of total assets by market value and has a corresponding decrease in private sector office from 38% to 31%; the balance of assets being made up of a combination of retail and CBD car parking.

General Manager of AMP Property Portfolio (the AMP Capital managed fund that owns 50% of the National Bank Centre) Stephen Costley, said that AMP Capital were pleased to announce this unconditional contract sale and that the exercising of Kiwi’s pre-emptive right to purchase was the culmination of an exhaustive and complex sale process commenced by Capital Properties in January this year.
AMP Capital Investors Limited 2

Background Information

The 26,146m2 building, completed in 1990, comprises two office towers, ground floor retail and basement car parking.

ANZ National Bank occupied approximately 42% of the office space with leases until 2011. Phillips Fox, Lawyers hold the naming rights of Tower 2 and are another major tenant. Capital Properties acquired its 50% share of the NBC and has been a co-venture partner with Kiwi Income Property Trust since 1999 following Capital’s takeover of Shortland Properties New Zealand Limited. Capital Properties is a wholly owned subsidiary of AMP Property Portfolio and is managed by AMP Capital Investors, New Zealand’s leading fund manager with more than $11 billion of New Zealanders’ savings and investments under management.

ENDS

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