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.
Monday, November 29th 2004, 2:23PM
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.
