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.

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