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KIPT adds new property

Wednesday 16th July 2003

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Kiwi Income Property Trust has taken a further step in the expansion of its retail property portfolio, with the purchase of Hamilton's landmark Downtown Plaza being declared unconditional.

The trust is buying Downtown Plaza, which has 32 specialty retail tenancies, for $13.75 million from a group of local investors.

Downtown Plaza has the highest pedestrian counts in Hamilton and is located adjacent to Kiwi Income Property Trust's successful Centre Place Shopping Centre, which is already the pre-eminent retail centre in the Waikato Region.

Kiwi Income Property Trust chief executive Angus McNaughton says the new property adds significant value and growth potential to the Trust's portfolio.

"We have been steadily increasing our retail presence and the purchase of Downtown Plaza is another sign that Kiwi Income Property Trust is extremely well positioned to benefit from continued retail-sector growth over time.

"Our retail centres have an outstanding tenancy mix and we are looking forward to reaping the benefits of our expansion in this sector."

The purchase of Hamilton's Downtown Plaza is also a further sign of Kiwi Income Property Trust's geographical diversification and expansion. The Trust will soon open the first stage of a $90.9 million expansion of the Northlands Shopping Centre in Christchurch, and last month announced a NZ$9.94 million refurbishment for the Wellington region's largest shopping centre, North City, in Porirua.

Kiwi Income Property Trust also owns the Plaza Shopping Centre in Palmerston North, which is Manawatu's premium shopping destination.

McNaughton said the retail expansion cements Kiwi Income Property Trust's position as New Zealand's largest diversified property trust, with over NZ$925 million invested in a diversified portfolio of prime office, retail and industrial assets located throughout New Zealand.

As previously announced, Kiwi Income Property Trust recently raised $25 million through a placement of units to fund the acquisition of Downtown Plaza and other retail projects.

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