Strategic land acquisition for future town centre

Kiwi Property is pleased to advise that it has acquired land, and has secured agreements to acquire further land, in Drury, South Auckland, as a strategic long-term holding to capitalise on Auckland's continuing population growth. The three 'greenfield' sites, together comprising approximately 51.3 hectares of land, are located in Drury adjacent to the junction of the Southern Motorway, Great South Road and the North Island main trunk railway line, approximately 35 kilometres south of Auckland's CBD. Chris Gudgeon, Chief Executive, said: "This landholding reinforces our commitment to be part of Auckland's future growth." "Our vision is to develop a town centre, to complement the existing Drury town centre, which would be staged over the next 20 years to coincide with predicted population growth, household formation and employment growth in South Auckland," said Mr Gudgeon. "We will work with Auckland Council and infrastructure providers to secure a town centre zoning providing for commercial and retail uses integrated with high, medium and low density housing - all within walking distance of an integrated public transport node." The acquisition price for two of the land parcels, totalling 42.7 hectares [NOTE 1], is $39.8 million. The third land parcel of 8.6 hectares, has been secured via a right of first refusal, with the purchase price to be determined with reference to the market when the right is exercised. NOTE 1: Overseas Investment Office approval is required in relation to the acquisition of 30.6 hectares. "This is an exciting opportunity for Kiwi Property. Intensification at key transport nodes and master-planned town centre developments are going to be a big part of our future under the Auckland Unitary Plan," said Mr Gudgeon. "Drury is already a highly accessible location, at the junction of the Southern Motorway, Great South Road and the North Island main trunk railway line." "Transport links to this area are only going to get better with Auckland Transport's plans for the construction of the Mill Road southern arterial route, electrification of rail through to Pukekohe and the opportunity to construct a railway station adjacent to the town centre." The land's current zoning is 'Future Urban' under the Auckland Unitary Plan. Kiwi Property's plans for the amalgamated sites will be complementary to an adjacent development being planned by Stevenson Group. "At over 300 hectares in size, the Drury South enterprise district is intended to provide world-class facilities for logistics, manufacturing and commercial operations, together with community facilities and housing," said Mr Gudgeon. > 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 $3.0 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:00299557 For:KPG Type:ASSET Time:2017-04-07 08:57:47