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Heavyweights' spending

By Christine Nikiel

Friday 18th July 2003

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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.

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