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 Landlord

The 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

Property News

More than fair “wear and tear”

Proving tenant liability for damage has long been a major worry for landlords but a recent Tenancy Tribunal shows that it can be done.

House Prices

No stopping Capital price rises

There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.

Commercial

Demand challenges for commercial sector

Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.

Mortgages

LVR loosening likely - ANZ

LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.

Site by PHP Developer