Chris Gudgeon, Auckland Airport general manager property moving on

29 April 2008

Chris Gudgeon, general manager property, Auckland International Airport Limited (Auckland Airport) has resigned to take up a new appointment as chief executive, Kiwi Income Properties Limited, the manager of Kiwi Income Property Trust. He will leave Auckland Airport at the end of July.

Chris joined Auckland Airport in his current role in June 2006. Since then he has successfully led the development and management of the company's real estate assets.

A key role of the property team is to provide the buildings and related infrastructure to enable airport businesses to prosper across the full range of freight and logistics, commercial, hotel, retail, leisure and amenity activities - supporting Auckland Airport's strategy to grow New Zealand tourism and business. The total airport land area is approximately 1,500 hectares, of which 450 hectares is available for commercial development over the long term.

Don Huse, Auckland Airport chief executive officer, said Auckland Airport has a strong and well regarded property team. They will ensure that our high quality tenancy services continue and that our property growth strategy is delivered to plan.

"We thank Chris for his contribution and leadership during the past two years. We also wish Chris well in his new role. It will give him the opportunity to be chief executive of one of the country's largest property enterprises.

"A process to recruit a new general manager property will now be commenced.

"Given the significant scale of Auckland Airport's property business and the scope for further expansion strong interest is expected in this top level position from well qualified and experienced senior property professionals with strong track records in property investment and development in New Zealand or overseas."

As at 30 June 2007, Auckland Airport had investment properties worth $330 million including over 40 commercial properties. The company earns rental revenue from tenants in its terminals and cargo buildings, and from leasing standalone investment properties. Rental income for the six months to 31 December 2007 was $18.4 million, up 15.7 per cent.