Ann: RIGHT: KPG: Successful completion of institutional bookbuild

• Release Date: 20/05/15 17:18
• Summary: RIGHT: KPG: Successful completion of institutional bookbuild
• Price Sensitive: No
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					KPG
20/05/2015 17:18
RIGHT
PRICE SENSITIVE
REL: 1718 HRS Kiwi Property Group Limited

RIGHT: KPG: Successful completion of institutional bookbuild

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES

COMPLETION OF INSTITUTIONAL BOOKBUILD
Kiwi Property advises that it has successfully completed the institutional
bookbuild component (Institutional Bookbuild) of its 1 for 9 underwritten
entitlement offer (Offer).  The Offer was announced on 18 May 2015, and will
raise approximately NZ$151.9 million.

The clearing price under the Institutional Bookbuild was NZ$1.21 per share, a
premium of NZ$0.01 per share over the application price of NZ$1.20 under the
Offer. Therefore, eligible institutional shareholders who elected not to
take up their entitlements and ineligible institutional shareholders will
receive NZ$0.01 for each new share not taken up by them.

The shares taken up under the Institutional Bookbuild are expected to be
allotted and commence trading on 2 June 2015.

RETAIL ENTITLEMENT OFFER
The retail component of the Offer (Retail Entitlement Offer) will open at
10.00am (NZ time) on Thursday 21 May 2015 and will close at 5.00pm on Tuesday
9 June 2015.  Eligible retail shareholders will be able to subscribe for 1
new share for every 9 shares held on the record date of 5.00pm (NZ time) on
20 May 2015, at the same application price as the institutional entitlement
offer of NZ$1.20 per share.

An Offer document will be sent to eligible retail shareholders on Thursday 21
May 2015 and is available on the website established for the Offer,
kiwipropertyrightsoffer.co.nz

Eligible retail shareholders wishing to acquire new shares under the Retail
Entitlement Offer will need to complete the personalised entitlement and
acceptance form that will accompany the Offer document, or online via the
website noted above.  Eligible retail shareholders may choose to take up
their entitlements in whole, in part or not at all.

Shares not taken up by eligible retail shareholders, and those which would
otherwise have been offered to ineligible retail shareholders, will be
offered for subscription to selected institutional investors through a retail
bookbuild scheduled for 11 June 2015.

Retail shareholders who do not take up their entitlements or who are
ineligible to participate in the Retail Entitlement Offer will receive a pro
rata share of any positive difference between the retail bookbuild price and
the application price for new shares of NZ$1.20 per new share.

There is no guarantee that any value will be received from the retail
bookbuild by eligible retail shareholders who did not take up their full
entitlement or ineligible retail shareholders.

FURTHER INFORMATION
Shareholders who have any questions about the Offer are encouraged to read
the Offer document and seek financial, investment, or other professional
advice from a qualified professional adviser.

Kiwi Property shares are expected to resume trading (on an ex-entitlements
basis) upon opening of the NZX Main Board on Thursday 21 May 2015.  Kiwi
Property shares will trade on Thursday 21 May 2015 on a cum-dividend basis
and will trade on an ex-dividend basis from Friday 22 May 2015.

> Ends

DISCLAIMER
This announcement has been prepared for publication in New Zealand and may
not be released or distributed in the United States.  This announcement does
not constitute an offer to sell, or a solicitation of an offer to buy
securities in the United States or any other jurisdiction.
The entitlements and shares to be offered in the Offer described in this
announcement have not been, and will not be, registered in the United States
under the US Securities Act of 1993 and may not be offered or sold in the
United States, except in transactions exempt from, or not subject to, the
registration of the US Securities Act and applicable to US state securities
law.

CONTACT US FOR FURTHER INFORMATION

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

Gavin Parker
Chief Operating Officer
[email protected]
+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 $2.28 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:00264582 For:KPG    Type:RIGHT      Time:2015-05-20 17:18:48