Ann: GENERAL: KPG: Zara to open first New Zealand store at Sylvia Park

• Release Date: 14/12/15 08:54
• Summary: GENERAL: KPG: Zara to open first New Zealand store at Sylvia Park
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					KPG
14/12/2015 08:54
GENERAL
NOT PRICE SENSITIVE
REL: 0854 HRS Kiwi Property Group Limited

GENERAL: KPG: Zara to open first New Zealand store at Sylvia Park

Kiwi Property today announced that international fashion giant, Zara, will
open its first New Zealand store at Sylvia Park, Auckland's largest shopping
centre, in late 2016.

Chief Executive, Chris Gudgeon, said: "The excitement is building for our
Sylvia Park shoppers. Zara is known the world over as a leading fashion
giant, with more than 2,000 stores in 88 countries.  To have secured their
first New Zealand store at Sylvia Park is great news for our customers.

"We are firm believers in investing in Auckland's growth, and bringing Zara
to Sylvia Park is part of our plan to create a truly world-class retail offer
in an increasingly world-class city.

"Almost a decade ago when Sylvia Park opened, few could imagine that Kiwi
Property would turn a brown-field site next to a motorway into New Zealand's
best shopping centre.  Sylvia Park is today Auckland's premier retail
destination, with more than 12 million shoppers coming through our flagship
shopping centre every year," Mr Gudgeon said.

Kiwi Property will invest $11.5 million to accommodate Zara in a new ground
level store located in the mid-mall area of the shopping centre.

Earlier this year, Kiwi Property, which owns six shopping malls and two large
format retail centres [1] across New Zealand, announced a potential expansion
of Sylvia Park in response to the waiting list of retailers seeking stores.
A range of options are currently under consideration, including the addition
of further international retailers, more specialty retail stores, department
stores and additional customer parking.

[NOTE 1: One is currently under development.]

In October, Kiwi Property announced that H&M would also open its first New
Zealand store at Sylvia Park in late 2016.

About Sylvia Park

Sylvia Park is New Zealand's leading shopping centre offering shoppers more
than 200 retailers in a single destination.  Developed by Kiwi Property and
completed in 2007, Sylvia Park comprises more than 88,000 sqm of high-quality
retail space, with more than 4,300 carparks.  Sylvia Park is centrally
located in the Auckland region and draws customers from across the city and
beyond.  Amenities include rail and bus public transport links and a wide
range of retail, dining, entertainment and services at both Sylvia Park and
the Sylvia Park lifestyle precinct.  It is independently valued at more than
$665 million.

Kiwi Property is currently evaluating a 20,000 sqm, $150 million expansion of
the centre's retail offer.  The retail expansion project is currently in the
pre-development phase (which includes design, consenting and pre-leasing),
with construction potentially commencing in 2017 for a possible 2018
completion.

Kiwi Property is also investigating a potential office development at Sylvia
Park, as part of its town centre vision for the site.

Sylvia Park has been a standout performer for Kiwi Property since opening in
2007.  The centre has enjoyed strong growth in both retail sales and net
income, providing investors with an overall value gain of $180 million above
its original development cost (to March 2015).

> Ends

Contact us for further information: investors

Chris Gudgeon
Chief Executive
[email protected]
+64 21 855 907
direct +64 9 359 4011

Mathew Chandler
Investor Relations and Communications Manager
[email protected]
+61 458 110 042
direct +61 2 9519 5850

Louise Wright
Executive Director
Porter Novelli
[email protected]
+64 9 361 2911
mobile +64 21 840313

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.  To find out more, visit our
website kp.co.nz
End CA:00275046 For:KPG    Type:GENERAL    Time:2015-12-14 08:54:59