KPG
09/09/2015 10:38
ASSET
NOT PRICE SENSITIVE
REL: 1038 HRS Kiwi Property Group Limited
ASSET: KPG: Initial payment 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.
> Ends
Contact us for further information
Chris Gudgeon
Chief Executive
[email protected]
+64 9 359 4011
mobile +64 21 855 907
Mathew Chandler
Investor Relations and Communications Manager
[email protected]
+61 458 110 042
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
End CA:00269852 For:KPG Type:ASSET Time:2015-09-09 10:38:43
