Property portfolio lifts Kiwi profit
Monday 29 November 2004
Offices and shopping centres full to the brim with tenants helped Kiwi Income Property Trust report a 5 per cent boost in profit to $25.2 million for the six months to September 30, leading to expectations of an increased dividend for the year.
By The LandlordThe result reflected strong performance across retail and office portfolios, chief executive Angus McNaughton said yesterday.
The result follows a six-minute stock market blitz on Friday in which Kiwi snapped up 19.9 per cent of Wellington-based Capital Properties for $53.4 million. Mr McNaughton described the acquisition as "a strategic stake in a complementary property company". Kiwi was reviewing its options with regard to Capital, he said.
Kiwi is an Auckland-based registered unit trust controlled by Australian interests. The management company for the trust, Kiwi Income Properties, was bought by Australian firm Colonial First State Property in 2002.
Read More - Opens in a new window
Commenting is closed
It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.