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Sale of remaining 50% interest in 205 Queen St

6 May 2014

Sale of remaining 50% interest in 205 Queen St

Kiwi Income Property Trust advises that Auckland City Holdings Limited (ACHL) has exercised its right to purchase the Trust’s remaining 50% interest in its Auckland office complex at 205 Queen Street for a purchase price of $56.3 million, in line with the asset’s 31 March 2014 independent valuation. Settlement is due to occur on 3 June 2014.

In October 2013, the Trust entered into a sale and purchase agreement with ACHL under which ACHL acquired its initial 50% interest in the building for $47.5 million. That sale settled on 31 January 2014. As part of this agreement, ACHL was required to acquire the remaining 50% interest in the building on or before 31 March 2017.

About Kiwi Income Property Trust
Kiwi Income Property Trust’s objective is to optimise returns for its Unit Holders through the careful acquisition, development and professional management of its property portfolio. The Trust is listed on the New Zealand Stock Exchange and is ranked within the top 15 on the NZX 50 Index, and is a member of the NZX 15 Index.

The total value of the Trust’s property portfolio is $2.1 billion. Assets include:

Key retail assets
Sylvia Park Shopping Centre: Auckland
LynnMall Shopping Centre: Auckland
Centre Place Shopping Centre: Hamilton
The Plaza Shopping Centre: Palmerston North
North City Shopping Centre: Porirua
Northlands Shopping Centre: Christchurch

Key office assets
Vero Centre: Auckland
ASB North Wharf: Auckland
205 Queen (50%): Auckland
The Majestic Centre: Wellington
Unisys House: Wellington
44 The Terrace: Wellington

ENDS

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