Kiwi Income raises $25 million

By Chris Hutching

Friday 23rd May 2003

Kiwi Income Property Trust has raised $25 million through a placement to fund the acquisition of Downtown Plaza in Hamilton's CBD and other retail projects.

The trust had a conditional contract to buy the centrally located Downtown Plaza, which had 31 specialty retail tenancies, and was undergoing due diligence, Kiwi Income Property Trust chief executive Angus McNaughton said.

Proceeds from the placement of 23,584,906 units at $1.06 per unit would repay debt if the purchase of the Downtown Plaza didn't go ahead, Mr McNaughton said.

"The shopping centre has the highest pedestrian counts in Hamilton and is located adjacent to the trust's successful Centre Place Shopping Centre."

The issued units rank equally with ordinary units and will participate in the dividend for the year to March 31, 2003, payable in June 2003.

J B Were (NZ) acted for the trust in arranging the placement.

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