Thursday, 22 February 2018

Announcement

GENERAL: KPG: Kiwi Property considers bond offer

29 Nov 2017 14:05NZX
Kiwi Property Group Limited (Kiwi Property) is considering an offer of
seven-year fixed-rate senior secured bonds to institutional and New Zealand
retail investors.

The offer will be made pursuant to the Financial Markets Conduct Act 2013 as
an offer of debt securities of the same class as existing quoted debt
securities.  The bonds are expected to be quoted on the NZX Debt Market.

Full details of the bond issue will be released prior to the offer opening,
which is expected to be in the week beginning 4 December 2017. Should the
bond issue proceed, the bonds are expected to be assigned an issue credit
rating of BBB+ by S&P Global Ratings [NOTE 1].

Kiwi Property has appointed Deutsche Craigs Limited and Westpac Banking
Corporation (ABN 33 007 457 141) (acting through its New Zealand branch) as
Joint Lead Managers and Bank of New Zealand and Forsyth Barr Limited as
Co-Managers in relation to the bond offer.  Craigs Investment Partners
Limited is the Organising Participant.

Investors can register their interest with the Joint Lead Managers or the
Co-Managers (details below).  Indications of interest will not involve an
obligation or commitment of any kind.  No money is currently being sought and
no bonds can be applied for or acquired until the offer opens and the
investor has received a copy of the offer document in relation to the bonds.

For further information please contact:

JOINT LEAD MANAGERS

Deutsche Craigs Limited
0800 226 263

Westpac Banking Corporation (ABN 33 007 457 141)
(acting through its New Zealand branch)
0800 942 822

CO-MANAGERS

Bank of New Zealand
0800 284 017

Forsyth Barr Limited
0800 367 227

NOTE 1: Further information about S&P Global Ratings'' credit rating scale is
available at www.standardandpoors.com. A rating is not a recommendation by
any rating organisation to buy, sell or hold Kiwi Property securities. The
rating is current as at the date of this announcement and may be subject to
suspension, revision or withdrawal at any time by S&P Global Ratings.

> Ends

CONTACT US FOR FURTHER INFORMATION

Gavin Parker
Chief Operating Officer
gavin.parker@kp.co.nz
+64 9 359 4012

Stuart Tabuteau
Chief Financial Officer
stuart.tabuteau@kp.co.nz
+64 9 359 4025

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 more than 20 years and we proudly own and manage a $3.1 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.  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 existing 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
End CA:00311144 For:KPG    Type:GENERAL    Time:2017-11-29 14:05:18
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Kiwi Property Group
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