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Kiwi Property buys Apex Mega Centre for $64 mln as it expands retail offer

Monday 22nd December 2014

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Kiwi Property Group, formerly Kiwi Income Property Trust, has agreed to buy Apex Mega Centre for $64 million as it expands its retail footprint.

The Auckland-based company bought the 16,200 square metre retail centre, across the road from its flagship retail property Sylvia Park, in Mt Wellington, using existing debt facilities, it said in a statement. Apex Mega Centre was wholly owned by a United Arab Emirates-based investor, Murzah International FZE, according to the Companies Office.

“Sylvia Park continues to develop as a dominant retail destination within the Auckland region," chief executive Chris Gudgeon said. "Expanding our retail footprint at this key location enables us to present our customers with a broader, complementary and more compelling retail offer."

Last week, unitholders overwhelmingly voted in favour of corporatisation of the property investor, completing a year-long transformation that saw the property trust take management in house by buying out the contract from Commonwealth Bank of Australia.

Shares of the company, its first day of trading as Kiwi Property Group, fell 0.8 percent to $1.245.


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