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

Collaboration key to urban development

Central and local government and industry must work together to ensure that the Government’s proposed new urban development strategy is successful.

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.


NZ proptech start-up scores major investor

Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.


LVR limits slow down investors

LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.

Site by PHP Developer