Brief: Kiwi Property Group Approves NZ$223 Mln Sylvia Park Galleria Expansion

Kiwi Property

27/02/2018 19:42

Feb 28 (Reuters) - Kiwi Property Group Ltd  KPG.NZ : 
    * PROJECTED VALUE OF SYLVIA PARK ON COMPLETION OF GALLERIA 
PROJECT 
HAS BEEN ASSESSED BY INDEPENDENT VALUER CBRE AT NZ$1.12 BILLION 
    * APPROVED NZ$223 MILLION 'GALLERIA' RETAIL EXPANSION OF 
SYLVIA 
PARK 
    * CONSTRUCTION PROGRAMME WILL SEE WORKS COMMENCING IN MARCH 
2018 
WITH COMPLETION EXPECTED IN MID-2020 
    * IN ADDITION TO GALLERIA RETAIL EXPANSION PROJECT, OTHER 
GENERAL 
REMEDIAL WORKS COSTING ABOUT NZ$11 MILLION WILL BE CARRIED OUT 
    * PROJECT TO BE DEBT FUNDED FROM EXISTING FACILITIES 
    * PROJECT EXPECTED TO PROVIDE INITIAL NET INCREMENTAL 
INCOME 
YIELD ON CAPITAL EXPENDITURE OF 5.7%, GROWING TO 6.2% BY YEAR 3 
 
Source text for Eikon:  ID:nNZW1CJFr2  
Further company coverage:  KPG.NZ  
 
 ((Reuters.Briefs@thomsonreuters.com;))