Kiwi Income Property Trust said today its property assets had been revalued up by $210 million to $1.9 billion for the year ended in March.
Chief executive of the trust's manager, Angus McNaughton, said the 13 per cent increase in the portfolio's value was equally spread between the retail and office portfolios.
The Vero Centre
The trust's flagship office asset, the Vero Centre in Auckland, had been valued up by $44m to $300m.
Unisys House in Wellington was revalued by $14m to $74m and the PricewaterhouseCoopers Centre in Christchurch by $13m to $58m.
A value of $420m had been put on the Sylvia Park shopping centre in Auckland, $43m above the projected valuation.
The final fourth stage of that retail project is due to open mid-year, which will also see the opening of the Sylvia Park railway station.
The trust's Centre Place Shopping Centre in Hamilton was revalued up by 22 per cent to $122m while the Northlands Shopping Centre in Christchurch was valued up $19m to $249m and the North City Shopping Centre in Porirua by $18m to $135m.
The trust is projecting a gross dividend of 9.50 cents per unit for the year to March 31, 4.4 per cent of the previous year's dividend.
Kiwi Income shares were up 1c to a record $1.69.
- NZPA
Volumes were lighter as investors are thinking more about the summer holidays.