Purchase of Unisys House Now Unconditional

ANNOUNCEMENT TO NZX

March 31, 2004

Kiwi Income Property Trust’s Purchase of Unisys House Now Unconditional

Auckland – Kiwi Income Property Trust (KIP) is set to purchase landmark Unisys House in Wellington’s CBD government precinct, an acquisition that will further diversify KIP’s tenant mix beyond its already strong commercial and retail tenancies.

The $44 million purchase of Unisys House from Macquarie Goodman Property Trust (MGP) is now unconditional, and will be settled on April 30, 2004.

A substantially refurbished and upgraded property, Unisys House is fully leased with major tenants being Unisys, Securities Commission, Crown Law, and the Department of Labour.

Chief Executive of the Manager of Kiwi Income Property Trust, Angus McNaughton, says that the acquisition will immediately improve the weighting of government tenants within KIP’s commercial portfolio. “The property has been substantially refurbished and represents a quality asset in Wellington’s strong government sector. It is complementary and will add value to KIP’s total portfolio.”

When the sale is completed Unisys House will be KIP’s third major commercial property in the Wellington market, the others being BP House and the Majestic Centre.

About Kiwi Income Property Trust

Kiwi Income Property Trust’s aim is to maximise returns for its unit holders through the careful acquisition and professional management of its property portfolio. All net income (after tax) is distributed to unit holders in each financial year.

The Trust is listed on the New Zealand Exchange and is ranked 14th by market capitalisation on the NZSX50.

The Trust’s office assets are located in key CBD locations and comprise:

Vero Centre Auckland
National Bank Centre Auckland
HP House Auckland
Vodafone House Auckland
AUT Faculty of Arts Building Auckland
Majestic Centre Wellington
BP House Wellington
PricewaterhouseCoopers Centre Christchurch

The Trust’s retail assets comprise:

Northlands Shopping Centre Christchurch
Centre Place Shopping Centre Hamilton
Downtown Plaza Shopping Centre Hamilton
North City Shopping Centre Porirua
The Plaza Shopping Centre Palmerston North

Kiwi Income Property Trust’s website address is www.kipt.co.nz.

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