February 27, 2018 / 7:57 PM / 6 months ago

BRIEF-Kiwi Property Group Approves NZ$223 Mln Sylvia Park Galleria Expansion

Feb 28 (Reuters) - Kiwi Property Group Ltd:

* 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: Further company coverage:

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