Kiwi portfolio tops $1 billion
Kiwi Income Property Trust became a billion-dollar entity yesterday with its $44 million purchase of the Wellington landmark office tower Unisys House.
Monday, March 29th 2004, 6:33AM
by The Landlord
Promising unit-holders fatter distributions after the buy-up, Kiwi's chief executive, Angus McNaughton, said the tower would give the trust a presence in the Government sector.Kiwi bought Unisys House at 56-68 The Terrace from the new Macquarie Goodman Property Trust, formerly the Colonial First State Office Trust.
Crown Law, the Department of Labour, Unisys NZ and the Securities Commission are tenants in the building, which Macquarie had on its books at $41 million.
Kiwi had real estate worth $960.4 million at September 30 last year, McNaughton said, and would have reached the billion-dollar mark soon anyway, with the expansion of its Northlands shopping centre at Papanui in Christchurch.
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