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Tuesday 20th April 2004 |
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This significant revaluation gain will increase the trust's net asset backing per unit by approximately 7%, from $1.07 to around $1.14.
Chief executive of the Manager of Kiwi Income Property Trust, Angus McNaughton, said that this result concluded an excellent year for the Trust.
"Underpinning the valuation increases is the successful Northlands Shopping Centre redevelopment, the quality of the Trust's assets, income growth from both the expanded retail portfolio and new office leases, and a firmer property market. We can also credit the increases to the property management team, who continue to focus on improving the income, quality and diversification of the trust's assets that are located throughout New Zealand."
A significant contributor to the overall revaluation gain was Northlands Shopping Centre. The third and final stage of Northlands opened on April 2, doubling the centre in size to 40,700 square metres. The centre is 99.6% leased and now comprises Farmers and The Warehouse department stores, Pak'N Save and Countdown supermarkets, and 135 specialty stores. The revaluation gain of around $16.5 million is well ahead of the projected gain of $3.6 million outlined in the investment statement for the capital raising to fund the development.
"The redevelopment of Northlands, the refurbishment and expansion of North City Shopping Centre, Porirua, together with the acquisition of Downtown Plaza Shopping Centre in Hamilton have increased the trust's weighting in retail assets, one of the best performing sectors of the New Zealand property market," McNaughton said.
"The Vero Centre contributed significantly towards the $10 million revaluation gain on the office portfolio."
The revaluation gain and the recent acquisition of Unisys House in Wellington for $44.1 million will take the trust's total assets to around $1.1 billion.
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