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2016: Kiwi Property Group

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Last updated: 01/2016

Kiwi Income Property Trust (KIP .NZX) is New Zealand’s largest listed diversified property trust with $2.13 billion (as at 31 March 2014) invested in a diversified portfolio of retail and office assets located throughout New Zealand. The Trust was founded in 1992, and a year later became New Zealand’s first listed property trust. KIP invests only in New Zealand real estate, a mandate which it has followed since inception.

The Trust listed on the NZX in December 1993, following an issue of 45 million units at $1.03. Proceeds from the public issue were used to acquire the North City Plaza, near Wellington, and subsequent expansion saw a series of acquisitions and developments in the retail, commercial and industrial sectors. 1998 saw commencement of the 38-level Royal SunAlliance Centre in Auckland, through a new listed vehicle Kiwi Development Trust, which became wholly owned in 2001 following a successful share exchange offer for the balance of units on issue. In November 2004 it acquired a 19.9% stake in Capital Properties NZ Ltd at $1.15 per share. In October 2007 the Trust confirmed it had registered as a Portfolio Investment Entity (PIE).

At 31 March 2014 the Trust’s portfolio comprises 12 assets located across New Zealand. Some of its iconic retail portfolio consist of Sylvia Park and Lynn Mall in Auckland, Centre Place in Hamilton, The Plaza in Palmerston North and Northlands in Christchurch. KIP’s Office portfolio consists of Vero centre and the newly built ASB North Wharf in Auckland and The Majestic Centre, 44 The terrace and Unisys House in Wellington. In January 2014, Kiwi Income Property Trust settled the sale of the first 50% interest in its office complex at 205 Queen Street, Auckland. In June 2014, the Trust settled the sale of its remaining 50% interest in its office complex at 205 Queen Street, Auckland

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