NZX & MEDIA RELEASE

28 April 2005

Sale of Aut Faculty of Arts Building in Auckland

Kiwi Income Property Trust advised today that it has unconditionally sold the AUT Faculty of Arts Building located at 2 Wakefield Street in Auckland.

Net proceeds from the sale are approximately $29.0 million, $1.8 million ahead of book value. Settlement is expected in July 2005.

Chief Executive of the Manager of the Trust, Angus McNaughton, said that the building had been identified as non-strategic, and was sold after a short marketing program.

“The transaction will reduce future vacancy risk within the office portfolio and allows the sale proceeds to be recycled into other assets that diversify and strengthen the Trust’s tenant mix and income profile.”

ENDS