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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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ANZ Special - 3.45 3.65 3.99
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ASB Bank Special - 3.39 3.55 3.89
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BNZ - Mortgage One 5.90 - - -
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BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
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Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
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First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.65 4.80 -
HSBC Premier 5.24 3.54 3.20 3.69
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HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 3.97 4.05 4.39
Kiwibank 5.15 4.20 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.45 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
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Pepper Money Near Prime 5.64 - 5.44 5.44
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.45 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.39 3.55 3.89
Sovereign 5.30 3.89 4.05 4.39
Sovereign Special - 3.39 3.55 3.89
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
Lender Flt 1yr 2yr 3yr
TSB Bank 6.09 4.19 4.35 4.69
TSB Special 5.29 3.39 3.55 3.89
Wairarapa Building Society 5.50 3.95 4.05 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.55 3.99
Median 5.34 3.96 4.09 4.39

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