Kiwi Property agrees unconditional sale of The Plaza

Kiwi Property today announced it has secured an unconditional agreement for the sale
of The Plaza shopping centre in Palmerston North to NZ Retail Property Group (NZRPG),
one of New Zealand’s largest privately-owned retail property development, investment
and management companies.

The agreed sale price of $118.9 million is 0.9% below the held for sale value in the FY26
interim results. Following the sales of The Plaza to NZRPG and Sylvia Park Lifestyle to the
Mackersy LFR Fund
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, Kiwi Property’s pro forma gearing will be 35.2% ( based on
September 2025 figures).

The sale of The Plaza is aligned with Kiwi Property’s capital recycling strategy, which
focuses on providing balance sheet flexibility and reinvesting asset sale proceeds into its
mixed-use development pipeline and other growth opportunities. The Plaza, a regional
retail asset located outside the Golden Triangle, is no longer central to Kiwi Property’s
long-term strategy.

Settlement is expected before the end of 2025, at which point ownership and
management of The Plaza will transfer to NZRPG.

Notes:
1. Capital released from the Sylvia Park Lifestyle transaction assumes Kiwi Property acquires a 50% stake
in the Mackersy LFR Fund as part consideration for the sale of Sylvia Park Lifestyle and provides an
additional 25% equity underwrite on establishment.

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
+64 212 971 998

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.
NZX RELEASE
27 November 2025

Kiwi Property agrees unconditional sale of The
Plaza

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Kiwi Property is licensed under the Real Estate Agents Act 2008. To find out more, visit our
website, kp.co.nz