Chch properties remain operational following quake

NZX & MEDIA RELEASE
6 September 2010

Christchurch properties remain operational following earthquake

Kiwi Income Property Trust advises that its two Christchurch property assets suffered minor damage only and will remain operational following Saturday's magnitude 7.1 earthquake in Christchurch.

Structural, fire protection, electrical systems and lift inspections were completed over the weekend by engineers and service contractors which indicate that both Northlands Shopping Centre and the PricewaterhouseCoopers Centre office building suffered minor damage only.

At Northlands Shopping Centre, the PAK’nSAVE and Countdown supermarkets traded throughout the weekend following the restoration of electrical power around midday on Saturday. Mall areas will open today following the completion of limited repairs required to fire sprinkler systems over the weekend. Most retail shops suffered minor or superficial damage only, typically involving stock and fixtures displaced during the earthquake. It is expected that approximately six retailers (from a total of 135) will be unable to trade on Monday, due to further repairs required to damaged shop premises.

The Hoyts Cinema multiplex is expected to remain closed until further notice pending replacement of damaged projection equipment and screens and to enable repairs to be undertaken to a fire egress stair.

Access to the PricewaterhouseCoopers Centre office building is being made available to tenants on a limited basis from this morning due to Civil Defence access restrictions that currently remain in force in central city areas. It is expected that full access will be made available to tenants to enable business as usual, once Civil Defence restrictions are lifted.

The Trust acknowledges the commitment of the Northlands centre management staff, Colliers International property managers, engineering staff from Holmes Consulting and Beca Carter, and service contractors who assisted with inspections and repairs as required over the weekend. The Trust also acknowledges the effort and dedication shown by retailers to restoring largely normal trading operations for the benefit of Christchurch residents.

ENDS