Kiwi Income Properties Limited, as Manager of Kiwi Income Property Trust, today announced that it has settled the sale of Beca House at 21 Pitt Street, Auckland.

As advised to the market in April 2012, the Trust had entered into an unconditional contract with a private investor to sell Beca House at a price of $55 million, representing a 2% premium to the asset's 31 March 2012 valuation of $54 million, and reflecting an initial yield of 8%.

The net sale proceeds from the sale of Beca House will be used to retire bank debt.