Vero Centre tenancy update

Kiwi Property has been provided advance notice from Vero Centre tenant, Bell Gully, that after 18 years in the building, they will vacate their premises between FY23 and FY25, with the actual date yet to be determined. The law firm currently occupies five floors, equating to 5,912 sqm of space. Kiwi Property Chief Executive Officer, Clive Mackenzie, said: "We wish Bell Gully every success in their onward journey. While we are disappointed to see the firm leave, the advance notice by Bell Gully provides us with sufficient time to begin discussions with prospective tenants." The Vero Centre is currently 94% occupied with a weighted average lease term of 7.0 years. Kiwi Property's office portfolio is equally strong, with occupancy of 98% and a portfolio weighted average lease term of 10.0 years. About Vero Centre The Vero Centre is one of Auckland's most prestigious office buildings, winning numerous awards for excellence in design, construction and efficiency. The building's lobby was comprehensively upgraded in 2016 and has been a consistent standout performer in the Kiwi Property office portfolio, maintaining an average occupancy above 96% since it was completed in 2000. > Ends Contact us for further information Clive Mackenzie Chief Executive Officer clive.mackenzie@kp.co.nz +64 9 359 4011 Gavin Parker Chief Operating Officer gavin.parker@kp.co.nz +64 9 359 4012 About us Kiwi Property (NZX: KPG) is the largest listed property company on the New Zealand Stock Exchange and is a member of the S&P/NZX 15 Index. We've been around for nearly two and a half decades 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 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 the highest rated New Zealand company within CDP (Carbon Disclosure Project) and is a member of FTSE4 Good, a series of benchmark and tradable indexes 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 End CA:00328578 For:KPG Type:GENERAL Time:2018-12-18 08:55:05