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Kiwi Income Property Trust says its portfolio has been revalued up $65 million to $2.1 billion.
Its flagship office asset, the Vero Centre in Auckland's central business district , was up $32m to $335m and was attracting rents near $600 per sq m.
Sylvia Park Shopping Centre in Auckland had a revaluation gain of $19m to $471m.
Chief executive of the manager of the trust, Angus McNaughton, said the $65m gain was underpinned by strong rental growth and solid demand for space across the trust's portfolio of office buildings and retail shopping centres.
"Despite a slowing domestic economy, the outlook for the trust remains positive with solid demand for premium-quality office and retail space providing continued rental growth," he said.
The trust said the annual valuations were determined by independent valuers, were subject to audit, and would be confirmed in the trust's financial result for the year to the end of March.
- NZPA
