Kiwi Property Flicks Switch on Expansion of Sylvia Park. FVE Unchanged at NZD 1.40
After years of planning, narrow moat-rated Kiwi Property Group has given the green light for a NZD 223 million "Galleria" expansion of Sylvia Park adding 18,000 sqm of retail space to bring the mall to 104,000 sqm. The project metrics are modest by historical standards, with Kiwi guiding for a project yield of 5.7% on the NZD 218 million investment in the first year after completion in mid-2020. The modest yield reflects the need to spend a further NZD 11 million on other related remedial works ...Kiwi Property Group is engaged in investing in New Zealand real estate. The Trust's objectives are to maximize earnings and to provide long-term sustainable returns to investors through the strategic acquisition, intensive management and ongoing development of office, retail and industrial property assets. Co.'s business segments comprise retail (representing Co.'s investment in retail property), office (representing Co.'s investment in office property) and other (representing those items which are neither retail nor office). As of Mar 31 2010, Co. had total assets of NZ$1,984,822,000.
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