Kiwi Property agrees sale of Drury land to Costco

Kiwi Property has reached a conditional agreement with Costco Wholesale to sell the
retailer 6.4 hectares of land at its new Drury development, paving the way for New
Zealand’s second Costco store.

Kiwi Property Chief Executive Officer, Clive Mackenzie, said the transaction marked a
major milestone in the Drury development programme.

Mackenzie said: “Costco has been a hit with Kiwi consumers since it opened its first
store in Auckland and we’re pleased to be working with them on this exciting
opportunity to bring Costco further south.”

Chris Tingman, Costco Country Manager said: "We are very excited to be entering
into this agreement with Kiwi Property in a location as great as Drury. Whilst still subject
to planning and corporate approvals, our aim is to introduce our unique high-quality,
low-cost merchandise to Drury, serving our significant membership base in the south of
Auckland, as well as Hamilton and the Waikato region."

The site is located at the southern end of Kiwi Property’s 53-hectare landholding,
adjacent to State Highway 1.


ENDS

For further information:
Fraser Gunn
Head of Corporate Finance and Investor Relations
fraser.gunn@kp.co.nz
+64 21 973 534
Megan Stericker
Communications Manager
megan.stericker@kp.co.nz
+64 21 297 1998

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 have been
around for over 30 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


NZX RELEASE
12 November 2025

Kiwi Property agrees sale of Drury land to Costco