Kiwi Property Further Densifies Sylvia Park with 10-Storey Office Tower
We have updated our forecasts for narrow moat-rated Kiwi Property to account for a series of recent transactions. We incorporate the forthcoming development of a new 10-storey office building above Sylvia Park Shopping Centre at a cost of NZD 80 million. The development has been moderately derisked with the signing of a 12-year lease to IAG New Zealand, representing 29% of the 11,370 sqm of office floor space. The scheduled completion is in May 2018, providing ample time to lease-up the remainin...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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