Kiwi Property agrees terms for conditional Vero Centre sale

NZX RELEASE
16 May 2024
Kiwi Property agrees terms for conditional
Vero Centre sale


Kiwi Property today advised that it has agreed terms for a conditional sale of the
Vero Centre in Auckland to a Hong Kong-China based conglomerate for $458 million.
The transaction price represents a 1.9% discount to the building’s September 2023
valuation and delivers a property level return from inception of 11.0%.

The Vero Centre sale is conditional on Overseas Investment Office approval.

Kiwi Property Chief Executive Officer, Clive Mackenzie, said: “ The Vero Centre has been
a prominent feature of our office portfolio for over 20 years, however it is no longer core
to strategy, given the company’s focus on creating retail-led mixed-use centres.

“This transaction is an excellent example of our capital recycling programme in action,
enabling us to reduce gearing and unlock a range of new value creation opportunities.
Once settled, the funds raised from the sale of the Vero Centre will be used to repay
bank debt and then re-invested into other initiatives.”

ENDS

Contact us for further information:
Clive Mackenzie
Chief Executive Officer
clive.mackenzie@kp.co.nz

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. Kiwi Property is licensed under the Real Estate Agents Act 2008.
To find out more, visit our website kp.co.nz