Acquisition And Majestic Leasing Activity

23 December 2004

Wellington Acquisition And Majestic Leasing Activity

Kiwi Income Property Trust advised today that it has acquired Intergen House in Wellington. The $4.2m acquisition is unconditional with settlement on 19 January 2005.

The four level, 2,510m2 property is located adjacent to Unisys House and the NGC Building, both of which were acquired by the Trust earlier this year.

Chief Executive of the Manager of the Trust, Angus McNaughton, said the acquisition was strategic, and provided an opportunity to add value to both Intergen House and the Trust's adjacent properties.

The Trust also announced that The Earthquake Commission has agreed to lease 1,020m2 (Level 20) in the Majestic Centre, Wellington. The new lease is for a period of twelve years from June 2005. Following this agreement only a small area on level 8 (350m2) remains available to lease in the Centre.

ENDS

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