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ASB Head Office Development Update


NZX & MEDIA RELEASE

17 December 2010

ASB Head Office Development Update

Kiwi Income Properties Limited, as Manager of Kiwi Income Property Trust (the Trust), today announced that the Trust’s land development agreement with Auckland Waterfront Development Agency (AWDA) and its development agreement with ASB Bank Limited (ASB), to build new head office premises for ASB in Wynyard Quarter, are now fully unconditional.

Following the granting of resource consent by Auckland Council on 11 November 2010, the Trust has satisfied all outstanding conditions in the agreement with AWDA for the grant of a ground lease over the Wynyard Quarter development site. The ground lease with AWDA will commence on 21 December 2010, enabling the Trust to begin preparing the site for construction.

Earlier this year, the Trust announced it had appointed The Fletcher Construction Company Limited as the main contractor to complete both the base building works and ASB fit-out works under a fixed price lump sum construction contract.

It is anticipated that site establishment and ground works will commence on program during the first quarter of 2011, with construction commencing by June 2011, facilitating completion in time for ASB’s lease commencement in June 2013.

Chief Executive of the Trust’s Manager, Chris Gudgeon, said: “With all conditions now satisfied, we are in a position to prepare the site for development and begin the project as scheduled.”

ENDS

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