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