By Chris Hutching
Friday 22nd August 2003
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Between 80-90% of the leases contain clauses providing for annual rental increases of 3-5% to lock in future earnings and distributions to shareholders, he said.
Mr McNaughton spoke about other initiatives across the KIP portfolio that would maximise rentals and efficiencies.
The company is seeking strategic partners for its next major development 24ha at Auckland's Sylvia Park estimated to require investment of about $500 million (KIP's total assets are $911 million with borrowings of $200 million).
"We're being very cautious about this because we're mindful it's probably one of the largest blocks available in Australasia in such close proximity to a major city. It's beyond the financial risk of this trust."
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