Sharechat Logo

Heavyweights' spending

By Christine Nikiel

Friday 18th July 2003

Text too small?
The institutional heavyweights this week confirmed nearly $40 million of property transactions.

Kiwi Income Property Trust said it would buy Hamilton's Downtown Plaza for $13.75 million, while Paramount Property Trust revealed its intentions to buy ANZ House in Auckland's Newmarket for $21.15 million.

Meanwhile Colonial First State Property Trust this week bought a Christchurch retail building for $4.41 million.

The Colombo St property is next door to Colonial's major retail asset, the $29 million South City Centre, prompting market speculation that plans are afoot to consolidate the two properties for further development.

Paramount Property Trust's agreement to buy the fully leased ANZ building on Carlton Gore Rd, still under construction, is conditional on shareholder approval and will be discussed at the annual meeting next week.

The building, owned by Symphony Properties subsidiary Domain Centre Developments is one of Symphony Group's series of seven Domain Centre buildings.

Kiwi's acquisition, flagged in May when it raised $25 million through a placement of units, will boost the company's portfolio to $925 million and is a further sign of its steadily increasing presence in the retail sector.

Kiwi will soon open the first stage of its $90 million expansion of the Northlands Shopping Centre in Christchurch, and last month announced a $9.94 million refurbishment for the Wellington region's largest shopping centre, North City, in Porirua.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Trustpower signals $11 mln profit boost from metering sale
Chorus defeats secrecy breach claim
Hedging losses drag Kiwi Property first-half net profit down 23.8%
Sky predicts revenue and earnings fall for FY20
Steel & Tube warns of further hit to first-half profit
A2 Milk's AGM should sort the bulls from the bears
Has NZ reached the lower limits of monetary policy?
NZ dollar maintains gains on China-US talks, local rate outlook
MARKET CLOSE: NZ shares edge lower; power companies under pressure
NZ dollar rises as bets on another OCR cut fade

IRG See IRG research reports