The listed property sector had its best month for 10 years during November as continuing interest drove stock prices up 7 per cent overall.
Monday, December 5th 2005, 6:43AM
by The Landlord
Much of this came from the biggest player, Kiwi Income Property Trust, whose value rose more than 11 per cent, as the owner of the management company increased its holding and it unveiled a record interim profit.
Kiwi Income also lifted its dividend payout and said it would distribute the $13 million from the sale of its stake in Capital Properties to shareholders in the next three years.
Brook Asset Management executive chairman Simon Botherway said some of the rise was caused by the redistribution of funds from property investors who had taken up AMP Property Portfolio's offer for Capital Properties.
