Settlement of remaining 50% interest in 205 Queen

NZX RELEASE

3 June 2014

Settlement of remaining 50% interest in 205 Queen

Kiwi Income Property Trust advises that it has settled the sale of its remaining 50% interest in its office complex at 205 Queen Street, Auckland.

As advised to the market on 6 May 2014, Auckland City Holdings Limited (ACHL) exercised its right to purchase the Trust’s remaining interest in the asset for a purchase price of $56.3 million, in line with the asset’s 31 March 2014 independent valuation.

In October 2013, the Trust entered into a sale and purchase agreement with ACHL under which ACHL acquired its initial 50% interest in the building for $47.5 million. That sale settled on 31 January 2014. As part of this agreement, ACHL was required to acquire the remaining 50% interest in the building on or before 31 March 2017.

ENDS

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