NGC Building and hp house transactions settled

30 September 2004

NGC Building and hp house transactions settled

Kiwi Income Property Trust advised today that its sale of HP House in Viaduct Harbour Avenue, Auckland and its purchase of the NGC Building at 44 The Terrace in Wellington have both been settled.

The Trust entered into an unconditional agreement to purchase the NGC Building for $19.3 million on 20 May 2004. The Trust's sale of HP House for $25.8 million was declared unconditional on 3 June 2004.

Chief Executive of the Manager of the Trust, Angus McNaughton, said the transactions reflected the Trust's continuing focus on investing in assets that diversify and strengthen the Trust's tenant mix and income profile.

The NGC Building is located in Wellington's strongly performing CBD government precinct and is fully leased. Major tenants include NGC Holdings, Commerce Commission, Department of Corrections, Tertiary Education Commission and Energy Efficiency and Conservation Authority.

ENDS

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