KPG signs sale and purchase agreement with IKEA

NZX RELEASE
2 December 2021
KPG signs Sale and Purchase Agreement with IKEA
Kiwi Property has reached a conditional agreement with IKEA to sell the retailer
3.2 hectares of land at Sylvia Park. The parcel of land is located on Te Ahoterangi Rise,
immediately adjacent to the east of the shopping centre.
Kiwi Property Chief Executive Officer, Clive Mackenzie, says the agreement is an
important step towards Kiwi Property’s ambition of having an IKEA presence at Sylvia
Park.
“
Kiwis have been eagerly awaiting the arrival of IKEA and we’re pleased to be working
with them on that journey. Sylvia Park is already New Zealand’s favourite shopping
centre, and we’re focused on finding innovative ways to make it even better,” says
Mackenzie.
Mirja Viinanen, Chief Executive Officer and Chief Sustainability Officer for IKEA New
Zealand says, “Our intention has always been for IKEA to enter the New Zealand market
in a good way, which has included identifying the best locations for future stores and
customer meeting points. That is why IKEA is working in partnership with Kiwi Property
Group, with their proven mixed-use and retail expertise.”
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iwi Property today also announced its intention to develop a complementary 6,430
square metre large format retail centre, directly adjacent to the land conditionally sold
to IKEA, opening-up a range of exciting opportunities.
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iwi Property Projects Director – Sylvia Park and BTR, Greg Tolley added “New Zealand’s
first major build-to -rent project and the new office building at 3 Te Kehu Way are
already under construction at Sylvia Park. With the addition of the proposed Large
Format Retail centre, we’re continuing to take the asset from strength to strength.”
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NDS
Contact us for further information:
Campbell Hodgetts
Communications and Investor Relations Lead
campbell.hodgetts@kp.co.nz
+64 27 563 4985
About us:
Kiwi Property (NZX: KPG) is one of the largest listed property companies on the New
Zealand Stock Exchange and is a member of the S&P/NZX 20 Index. We’ve been around
for over 25 years and proudly own and manage a significant real estate portfolio,
comprising some of New Zealand’s best mixed-use, retail and office buildings. Our

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objective is to provide investors with a reliable investment in New Zealand property
through the ownership and active management of a diversified, high-quality portfolio.
S&P Global Ratings has assigned Kiwi Property an issuer credit rating of BBB (stable) and
an issue credit rating of BBB+ for each of its fixed rate senior secured bonds. Kiwi Property
is the highest rated New Zealand company within CDP (Carbon Disclosure Project) and is
a member of FTSE4 Good, a series of benchmark and tradable indices for ESG
(Environmental, Social and Governance) investors. Kiwi Property is licensed under the
Real Estate Agents Act 2008. To find out more, visit our website kp.co.nz