Update on Christchurch property assets

Press Release – Kiwi Property Management

Kiwi Income Property Trust advises that good progress is being made with the restoration of retail activities at Northlands Shopping Centre.
NZX & MEDIA RELEASE

28 February 2011
Update on Christchurch property assets following 22 February earthquake

Kiwi Income Property Trust advises that good progress is being made with the restoration of retail activities at Northlands Shopping Centre.

Chris Gudgeon, Chief Executive of the Manager, Kiwi Income Properties Limited, said: “The two supermarkets, Pak’nSave and Countdown, re-opened for trade last week and were joined by The Warehouse department store on the weekend. Over the course of this week, starting today, specialty retailers will be progressively re-opening for trade in the mall areas. We understand that Farmers department store is expecting to open again this Wednesday.”

Mr Gudgeon said structural and general building safety inspections have been carried out and appropriate measures are being taken, with access restrictions being put in place as necessary, to enable the safe operation of the shopping centre. Temporary toilet facilities have been set up to enable the centre to operate without reliance on sanitary sewer infrastructure, although it is understood this is being progressively restored.

“Our commitment to local residents and retail businesses is to get Northlands Shopping Centre up and running again as soon as possible. We are determined to support the region’s recovery and the people of Christchurch in whatever way we can.”

Mr Gudgeon also said that an initial structural assessment has been completed at the PricewaterhouseCoopers Centre office building which indicates that the structural integrity of the building remains intact, although repair work will be required. “We understand the building’s construction, completed in 1990 to modern structural codes, has served the building well. Christchurch City Council and a structural engineer have undertaken a Level 2 category assessment and access to the building at this stage has been restricted for the purpose of essential business only (designated yellow 1), with property manager escort. In practice, the Civil Defence central city cordon is preventing access to the building other than for personnel maintaining the two cell phone sites located in the building considered to be essential services supporting the relief effort. As the central city cordon restrictions ease, access will be possible for the purposes of

further damage assessment and making safe, removal of tenants’ essential business records and valuables, restoration of building services, general repair and clean-up operations.”

ENDS

About Kiwi Income Property Trust

Kiwi Income Property Trust’s objective is to optimise returns for its Unit Holders through the careful acquisition, development and professional management of its property portfolio. The Trust is listed on the New Zealand Stock Exchange and is ranked within the top 15 on the NZX 50 Index, and is a member of the NZX 10 Index.
The total value of the Trust’s property portfolio is $2.03 billion. Assets include:
Key Retail Assets

Sylvia Park Shopping Centre Auckland
LynnMall Shopping Centre Auckland
Centre Place Shopping Centre Hamilton
The Plaza Shopping Centre Palmerston North
North City Shopping Centre Porirua
Northlands Shopping Centre Christchurch
Key Office Assets

Vero Centre Auckland
National Bank Centre Auckland
21 Pitt Street Auckland
The Majestic Centre Wellington
Unisys House Wellington
44 The Terrace Wellington
50 The Terrace Wellington
PricewaterhouseCoopers Centre Christchurch
Kiwi Income Property Trust’s website address is www.kipt.co.nz

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