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Chch's PricewaterhouseCoopers Centre Update

PricewaterhouseCoopers Centre Update

Kiwi Income Properties Limited, as Manager of Kiwi Income Property Trust, provides this update in relation to the earthquake-damaged PricewaterhouseCoopers Centre in Christchurch. The Manager and the asset’s lead insurer, Vero Specialist Risks Limited, have agreed that the extent of structural and other damage, incurred as a result of the earthquake events of September 2010, February 2011 and June 2011, is such that the building is not economically repairable.

Chris Gudgeon, Chief Executive of Kiwi Income Properties Limited, said: “Given the building cannot be economically repaired, it will have to be demolished. Arrangements will be made with the Canterbury Earthquake Recovery Authority and our insurers to enable this to happen in due course.”

Completed in 1990, the PricewaterhouseCoopers Centre is a 21-level building comprising 18 levels of office space and ground floor retail. The property’s value prior to the earthquake events was $52.2 million.

The building is insured for earthquake damage (including demolition) and consequential loss. The Trust’s insurance claim was formally lodged with Vero in August 2011 and is currently being processed.

ENDS

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