KPG
22/12/2014 09:24
ASSET
PRICE SENSITIVE
REL: 0924 HRS Kiwi Property Group Limited
ASSET: KPG: Acquisition of Apex Mega Centre at Sylvia Park
Kiwi Property is pleased to announce that it has entered into an
unconditional agreement to purchase Apex Mega Centre, a large format retail
centre, located on Mt Wellington Highway opposite Sylvia Park Shopping Centre
and adjacent to Auckland's southern motorway.
The purchase price is $64.0 million and settlement is scheduled for today.
The acquisition price is supported by an independent valuation based on a
capitalisation rate of 7% and a projected 10-year internal rate of return of
9.12%.
Chris Gudgeon, Chief Executive, said: "This is a logical opportunity for us
to control and add value to a bulky goods retail offer on a high-profile
landholding immediately opposite our own flagship retail asset, Sylvia Park."
The 16,200 sqm centre was constructed in 2011 and is anchored by Spotlight,
Freedom Furniture and Torpedo 7. It is fully occupied with a weighted
average lease term of 5.13 years.
"Sylvia Park continues to develop as a dominant retail destination within the
Auckland region. Expanding our retail footprint at this key location enables
us to present our customers with a broader, complementary and more compelling
retail offer," Mr Gudgeon said.
The acquisition will be funded from existing debt facilities.
> Ends
Contact us for further information
Chris Gudgeon
Chief Executive
Email [email protected]
direct +64 9 359 4011
mobile +64 21 855 907
Gavin Parker
Chief Operating Officer
Email [email protected]
direct +64 9 359 4012
mobile +64 21 777 055
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 $2.1 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
End CA:00259242 For:KPG Type:ASSET Time:2014-12-22 09:24:34
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