Kiwi Property secures sale of The Majestic Centre
NZX RELEASE
14 November 2017
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
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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