Kiwi Property gets approval for Drury development

NZX RELEASE
6 May 2022
Kiwi Property gets approval for Drury development


Auckland Council has announced the approval of Kiwi Property’s Drury Private Plan
Change application, paving the way for the creation of a major Green Star
Community.
The successful application will unlock development at Kiwi Property’s 53-hectare site,
which is set to be the location for the new Drury Town Centre, as outlined in the Drury-
Opaheke Structure Plan. The company intends to create a thriving mixed-use
community that will become a hub for the additional 60,000 people who are expected
to call the area home over the next 25 years. Drury will be a transit-oriented
development that brings together retail, office and residential, all within easy walking
distance of each other and the new Drury Central Train Station, scheduled to open in
2025.
An earthworks consent has been issued by Auckland Council and this work is now
underway, with the potential for construction of residential homes and large format
retail to begin as early as 2023, pending funding.
Kiwi Property Chief Executive Officer, Clive Mackenzie, said Drury was poised to be a
transformative project for the company.
“Kiwi Property’s strategy centers on the creation of connected mixed-use communities
in key growth nodes. Drury will be the location of the third Auckland Metropolitan
Centre in our portfolio, alongside Sylvia Park and New Lynn, offering an exciting range
of future possibilities. The development is expected to unlock thousands of houses and
new jobs, and generate significant value for the company for years to come."
ENDS

Contact us for further information:
Campbell Hodgetts
Head of Communications and Investor Relations
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
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.

2
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