Initial payment made for Westgate large format retail centre

NZX RELEASE

9 September 2015

Initial payment made for Westgate large format retail centre

Kiwi Property has made the initial $30 million payment for the land under the terms of the sale and purchase agreement for the Westgate large format retail centre.

The total acquisition cost is $82.5 million. The balance of the cost will be paid over the remaining development period.

As announced on 2 September 2015, the development, known as Westgate Zone 7, was purchased from New Zealand Retail Property Group. The centre is 87% pre-committed, with lease agreements in place for 22,000 sqm of retail space and a weighted average lease term of 8.1 years.

About Westgate Zone 7

Expected to commence trading in March 2016, Westgate Zone 7 will be anchored by Harvey Norman, Briscoes, Rebel Sport, Freedom Furniture and Hunter Furniture. The centre will comprise 28 retail units totalling approximately 25,500 sqm, with a central car parking area for 622 vehicles.

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About us

Kiwi Property (NZX: KPG) is the largest listed property company on the New Zealand Stock Exchange and is a member of the NZX15 Index. We’ve been around for more than 20 years and we proudly own and manage a $2.28 billion portfolio of real estate, comprising some of New Zealand’s best shopping centres and prime office buildings. Our objective is to provide investors with a reliable investment in New Zealand property by targeting superior risk-adjusted returns over time through the ownership and active management of a diversified, high-quality portfolio. To find out more, visit our website kp.co.nz

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