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Sale of Beca House, 21 Pitt Street, Auckland


27 April 2012

Sale of Beca House, 21 Pitt Street, Auckland

Kiwi Income Properties Limited, as Manager of Kiwi Income Property Trust, today announced that it has entered into an unconditional contract to sell Beca House at 21 Pitt Street, Auckland.

The sale price of $55 million represents a 2% premium to the asset’s 31 March 2012 valuation of $54 million and reflects an initial yield of 8.0%. Settlement is due to occur on 2 July 2012. The purchaser is a private investor and the sale was brokered by CB Richard Ellis.

Chris Gudgeon, Chief Executive of the Manager, said: “This sale is consistent with our strategy of recycling capital out of mature assets to maintain balance sheet flexibility.”

As at 31 March 2012 the Trust’s net bank debt gearing ratio was approximately 34%. The net sale proceeds from the sale of Beca House and the settlement of the PricewaterhouseCoopers Centre insurance claim will be used to retire bank debt, reducing the Trust’s net bank debt gearing ratio by approximately 4% upon receipt.

Beca House is a 10-level office tower constructed in 1990, with a rentable area of 16,800 sqm. The building was acquired by the Trust in March 1997 for $32.2 million. In 2010, the Trust secured a new nine-year lease with Beca Corporate Holdings, over 14,400 sqm of office space.

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 Midcap Index.
The total value of the Trust’s property portfolio is $2.0 billion. Assets include:

Key Retail Assets

Sylvia Park Shopping Centre Auckland
LynnMall Shopping Centre Auckland
Centre Place Shopping Centre Hamilton
The Plaza Shopping Centre Palmerston North
North City Shopping Centre Porirua
Northlands Shopping Centre Christchurch

Key Office Assets
Vero Centre Auckland
National Bank Centre Auckland
The Majestic Centre Wellington
Unisys House Wellington
44 The Terrace Wellington

Kiwi Income Property Trust’s website address is

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