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Ecstatic Retailers Welcome Sylvia Park Stage III


MEDIA RELEASE
3 April 2007

Ecstatic Retailers Welcome Sylvia Park Stage III Opening

Kiwi Income Property Trust is delighted with the initial response of customers and retailers to the opening of Stage III of New Zealand’s largest shopping centre at Sylvia Park.

“Stage III sets Sylvia Park apart from all other shopping centres and marks the project as world class,” says Angus McNaughton, Chief Executive of the Manager of Kiwi Income Property Trust.

“The opening weekend was fantastic. It just did not stop. It was very special, with large crowds of people exploring Stage III and boosting customer flow through the previously opened Stages I and II.”

Stage III comprises an expanded range of fashion retailers, including many international brands opening in New Zealand for the first time, an outdoor adventure zone, New Zealand’s first integrated dining lane in a shopping centre, the world’s largest cinema screen for a 35mm projector - in Hoyts’ 10 cinema complex - and the principal architectural feature of Sylvia Park, the 30 metre volcanic cone.

At times throughout the weekend, the expanded car parking was fully occupied by over 3,200 vehicles with new arrivals patiently searching for vacant spaces.

“We are delighted with the way the centre performed, allowing a flow of people and traffic as the architects intended,” Mr McNaughton says.

Retailers in Stage III, which opened to the public last Thursday, and in Stages I and II, which opened in June and August respectively last year, are excited with the project.

“The atmosphere was really terrific,” says Matthew Clifford, owner of Garrisons public house. “The opening weekend far exceeded our expectations and our team hit the ground running.”

Kathmandu store manager Andrew Howard says the weekend was “fantastic”. “Lots of lovely customers. It was everything we wanted it to be and more.” “The Centre is huge in terms of the range and there are lots interesting nooks and crannies for customers to explore.”

Irena Grpcevska, store manager of the new-to-New Zealand iconic brand store Playboy, was not sure what to expect. “We had great foot traffic, great sales and plenty of wonderful feedback. Customers are amazed to see Playboy in a shopping centre.”

Existing retailers at Sylvia Park also benefited from Stage III’s range of “Entertainment, food and fashion”.

“We had an awesome weekend,” says Amazon surf and street wear manager Oli Tappin. “It was the busiest the shop has been since Christmas.”

Mr McNaughton says typically shopping centres take several years to be fully adopted by shoppers as their regular destination.

“Sylvia Park has been the most successful greenfields shopping centre launch in New Zealand ever. We fully expect that in time it will generate strong earnings for both our retailers and the investors in Kiwi Income Property Trust.”

The final stage of the 65,000m2 retail development will open mid-year and will add further to the retail experience with well known brands not previously found in shopping centres. Sylvia Park’s own railway station, the first privately built railway station in New Zealand, is due to open before Stage IV.


ENDS

For further information please contact:

Angus McNaughton
Chief Executive
Kiwi Income Properties Limited
DDI: 64 9 357 9332
Mob: 021 946 157

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 10 Index.

The total value of the Trust’s assets is $1.9 billion. Key assets include:

Key Office Assets
Vero Centre Auckland
National Bank Centre (50%) Auckland
21 Pitt Street Auckland
Majestic Centre Wellington
Unisys House Wellington
BP House Wellington
Vector Building Wellington
PricewaterhouseCoopers Centre Christchurch

Key Retail Assets
Sylvia Park Shopping Centre Auckland
Northlands Shopping Centre Christchurch
Centre Place Shopping Centre Hamilton
Downtown Plaza Shopping Centre Hamilton
North City Shopping Centre Porirua
The Plaza Shopping Centre Palmerston North

Kiwi Income Property Trust’s website address is www.kipt.co.nz

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