Property Trust To Relinquish ASX Listing

Kiwi Income Property Trust To Relinquish ASX Listing

Auckland (September 05, 2003) – Kiwi Income Property Trust will relinquish the listing of its units and converting notes on the Australian Stock Exchange (ASX) from Friday, 12 September 2003. An application for voluntary delisting has been made to the ASX. In the interim, the trading of its units and converting notes on the ASX will be suspended at the end of today. Trading in its units and converting notes on the New Zealand Exchange (NZX) remains unaffected.

Kiwi Income Property Trust chief executive Angus McNaughton said that, given the lack of trading of Kiwi Income on the ASX, there is obviously a preference to trade the Trust’s units on the NZX.

“It doesn’t make sense for our unit holders to incur the dual costs of a listing in both markets when investors are content to simply trade on the NZX,” Mr McNaughton said.

Kiwi Income Property Trust continues to be one of the most actively traded issues on the NZX, and ranks 13th by market capitalisation on the NZSX 50.

“There is strong demand for KIPT on the NZX from investors all around the world,” Mr McNaughton said.

About Kiwi Income Property Trust

Kiwi Income Property Trust’s aim is to maximise returns for its unit holders through the careful acquisition and professional management of its property portfolio. All net income (after tax) is distributed to unit holders in each financial year.

The Trust is listed on the New Zealand Stock Exchange and is the market’s 12th largest company by market capitalisation.

The Trust reported a 3.2% increase in net income after tax to NZ$44.75 million for the year to 31 March 2003.

The Trust’s retail assets comprise:

Northlands Shopping Centre Christchurch Centre Place Shopping Centre Hamilton Downtown Plaza Hamilton North City Shopping Centre Porirua The Plaza Shopping Centre Palmerston North

The Trust’s

office assets are located in key CBD locations and comprise:

Royal & SunAlliance Centre Auckland
National Bank Centre Auckland
HP House Auckland
Vodafone House Auckland
AUT Faculty of Arts Building Auckland
Majestic Centre Wellington
BP House Wellington
PricewaterhouseCoopers Centre Christchurch

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

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