Kiwi Income Property Trust raises NZ$25 million

Kiwi Income Property Trust raises NZ$25 million

Auckland – Kiwi Income Property Trust has successfully raised NZ$25 million through a placement to fund the acquisition of Downtown Plaza in Hamilton’s CBD and other retail projects.

The Trust has a conditional contract to buy the centrally located Downtown Plaza which has 31 specialty retail tenancies, and is currently undergoing due diligence said Chief Executive of the Manager of Kiwi Income Property Trust, Angus McNaughton.

Proceeds from the placement of 23,584,906 units at 1.06 per unit will repay debt if the purchase of the Downtown Plaza doesn’t go ahead, said Mr McNaughton.

“The shopping centre has the highest pedestrian counts in Hamilton, and is located adjacent to the Trust’s successful Centre Place Shopping Centre.

The 23,584,906 issued units rank equally with ordinary units and will participate in the dividend for the year to 31 March 2003, payable in June 2003.

JBWere (NZ) Limited acted for Kiwi Income Property Trust in arranging this placement.

Kiwi Income Property Trust’s website address is http:// http://www.KIPT.co.nz.

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