KPG agrees terms for conditional Aurora Centre sale

NZX RELEASE
8 June 2023
Kiwi Property agrees terms for conditional Aurora
Centre sale


Kiwi Property today announced it had agreed the terms for a conditional sale of the
Aurora Centre in Wellington to an institutional investor for $142.8m (net). The transaction
price represents a 13.5% discount to the asset’s March 2023 valuation and will deliver a
property level return from inception of 10.5%.

Further details, including the purchaser and settlement date will be provided once key
conditions have been met.

Kiwi Property Chief Executive Officer, Clive Mackenzie, said “Asset recycling is an
important pillar of our capital management strategy. The sale of Aurora Centre will
enable us to further strengthen our balance sheet and unlock funds for reinvestment in
our mixed-use properties.”

“We’re focussed on building flagship assets at metropolitan town centres in Auckland
and the golden triangle, and this transaction will give even more strategic clarity to our
current and future investors.”

ENDS

Contact us for further information:
Campbell Hodgetts
Head of Communications and Investor Relations
campbell.hodgetts@kp.co.nz
+64 275 634 985


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. 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 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