Sale Of BP House Wellington
NZX & Media Release
30 March 2009
Kiwi Income Property Trust Announces Sale Of BP House Wellington
Kiwi Income Property Trust announced today the unconditional sale of BP House on Customhouse Quay in Wellington for $26 million.
The sale price, which reflects a passing yield of approximately 7.3% on net contract income, is in line with the Trust’s 31 March 2009 valuation of $26.3 million announced last week.
The transaction is due to settle no later than 18 August 2009 and the proceeds of the sale will be used to repay bank debt.
The sale remains subject to a first right of refusal in favour of BP Oil New Zealand Limited to acquire the property upon the same terms as those agreed with the purchaser.