Farmers renews at North City for further 15 years

Kiwi Property is pleased to advise that it has secured a new 15-year lease with department store, Farmers, at North City Shopping Centre in Porirua, Wellington, commencing from September 2016. Kiwi Property Chief Executive, Chris Gudgeon, said: "Farmers' commitment to another long-term lease is an endorsement of the strength of North City which continues to attract strong demand from both retailers and shoppers." "This latest lease to Farmers locks in another long-term revenue stream from an important retailer which has anchored North City for over 20 years." North City's other long-standing department store anchor, Kmart, has already committed to a new long-term lease at the centre, with its 10-year lease commencing in 2012. Retail sales at North City grew by 11% for the year to September 2016, on a like-for-like basis, as the centre benefits from continuing housing growth at the northern end of Wellington City and within Porirua City itself. > 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 $2.9 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. Kiwi Property is licensed under the Real Estate Agents Act 2008. To find out more, visit our website kp.co.nz End CA:00296015 For:KPG Type:GENERAL Time:2017-01-26 08:58:56