Ann: ASSET: KPG: Sale of Centre Place South for $46.7 million

• Release Date: 23/12/15 08:30
• Summary: ASSET: KPG: Sale of Centre Place South for $46.7 million
• Price Sensitive: No
• Download Document  3.1KB

					KPG
23/12/2015 08:30
ASSET
NOT PRICE SENSITIVE
REL: 0830 HRS Kiwi Property Group Limited

ASSET: KPG: Sale of Centre Place South for $46.7 million

Kiwi Property is pleased to announce it has secured a conditional agreement
to sell Centre Place South, the newly redeveloped portion of its Hamilton CBD
shopping centre, to a New Zealand purchaser.

Centre Place Shopping Centre consists of two parts, Centre Place North and
Centre Place South, which are separated by the recently pedestrianised Ward
Street.  Kiwi Property will retain ownership of Centre Place North and will
continue to manage the entire centre.

The sale of Centre Place South, for $46.7 million, is conditional on the
issue of updated unit titles and the consent of Hamilton City Council to the
transfer of two ground leases. Settlement is expected to occur mid-2016.
The sale price represents a discount of 3% to the centre's 31 March 2015 book
value.

Chief Executive, Chris Gudgeon, said: "Centre Place South was redeveloped in
2013 and has been trading well since completion.  This was an opportune time
to take the centre to market and capitalise on the redevelopment."

"Proceeds from the sale will be used to pay down debt, providing us with
further funding flexibility to facilitate other value-add opportunities
elsewhere in our portfolio." Mr Gudgeon said.

Centre Place South comprises 10,933 sqm of net lettable area.  It
incorporates the part of the centre bounded by Ward Street, Worley Place and
Anglesea Street, and includes a new Farmers department store, along with 27
specialty tenancies.

Centre Place North comprises 15,630 sqm of net lettable area, incorporating
82 specialty tenancies and two cinema offers.

ABOUT CENTRE PLACE
Centre Place is Hamilton City's premier CBD destination for food, fashion and
entertainment. In 2013, the centre was extensively redeveloped, providing a
wide mix of high-quality national and international retailers and dining
options.  The centre is anchored by a Farmers department store and features
both Lido and METRO by Hoyts cinema complexes.

Kiwi Property acquired the asset in three tranches between December 1994 and
December 2005.

> 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
direct +61 2 9519 5850

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 $2.39 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.  Kiwi Property is licensed under
the Real Estate Agents Act 2008.  To find out more, visit our website
kp.co.nz
End CA:00275616 For:KPG    Type:ASSET      Time:2015-12-23 08:30:24