Kiwi Property secures sale of The Majestic Centre

Kiwi Property has secured an agreement to sell The Majestic Centre, Wellington, for $123.2 million to Investec Property Limited as the responsible entity for Investec Australia Property Fund. As part of the sale arrangement, Kiwi Property will be appointed to manage the iconic Wellington office tower - which has been the subject of one of New Zealand's largest seismic upgrade projects - for Investec. Kiwi Property's Chief Executive, Chris Gudgeon, said: "We are immensely proud of what we have achieved for the tenants of The Majestic Centre, raising the seismic performance rating of the office tower to 100% of New Building Standard." "Notwithstanding, The Majestic Centre was identified for sale as part of our capital recycling programme. Proceeds from the sale, which is due to settle in December 2017, will be used to pay down bank debt, providing further flexibility for Kiwi Property to invest in line with our strategy." > Ends Contact us for further information Chris Gudgeon Chief Executive chris.gudgeon@kp.co.nz +64 9 359 4011 mobile +64 21 855 907 Mathew Chandler Investor Relations and Communications Manager mathew@acumentum.com.au +61 458 110 042 direct +61 2 9519 5850 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 $3.0 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. S&P Global Ratings has assigned Kiwi Property a corporate credit rating of BBB (stable) and an issue credit rating of BBB+ for each of its existing fixed rate senior secured bonds. Kiwi Property is licensed under the Real Estate Agents Act 2008. To find out more, visit our website kp.co.nz End CA:00310265 For:KPG Type:TRANSACT Time:2017-11-14 08:34:00