THE Colonial First State Property managed Kiwi Income Property Trust has recorded a revaluation gain of $NZ210 million for the financial year ended March 31, 2007.
The revaluation gain will increase the value of the trust’s total portfolio to $NZ1.9 billion, and increases the undiluted net asset backing per unit by approximately 29 cents to $NZ1.73.
KIPT’s chief executive Angus McNaughton said the revaluation gain was a combination of the significant demand for investment grade assets internationally, portfolio rental growth, and the quality of the trust’s portfolio.
“In line with international trends, cap rates for prime assets have continued to firm strongly in the
“Demand for office space across the portfolio remains firm with high occupancy levels providing an excellent platform for rental growth,” he added.
The Trust’s flagship office asset, the Vero Centre, has continued to benefit from a very strong
Other key office assets that increased strongly were Unisys House in Wellington, up $NZ14 million to $NZ74 million, PricewaterhouseCoopers Centre in Christchurch up $NZ13 million to $NZ58 million, and the National Bank Centre in Auckland, which the Trust recently acquired the remaining 50% of, up $NZ13 million to $NZ120 million.
The trust’s retail assets also increased in value with the Sylvia Park’s construction reaching a significant level of completion, valuing it at $NZ420 million, giving rise to a current year revaluation gain of $NZ43 million, significantly ahead of the April 2008 projected revaluation gain of $NZ6 million.
KIPT’s other retail properties, the Centre Place Shopping Centre in
McNaughton said a number of Australian retailers also continued to seek new opportunities in
Australian Property Journal
