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Kiwi Property Group Limited
KiwiProperty
Company type Public
NZX: KPG
IndustryReal estate
PredecessorKiwi Income Property Trust
Founded1992; 32 years ago
FoundersRoss Green
Richard Didsbury
HeadquartersVero Centre, Auckland,
Auckland
,
New Zealand [1]
Area served
New Zealand
Key people
CEO: Clive Mackenzie
RevenueIncrease $250.8 Million [2] (2015)
Increase $89 Million [3] (2015)
Total assetsIncrease $2.67 Billion [2] (2015)
Ownerssee below
Number of employees
130 [3] (2015)
Website www.kp.co.nz

Kiwi Property Group Limited is a New Zealand NZX-listed company, formerly a real estate investment trust, that owns many properties throughout New Zealand; including the Sylvia Park Business and Shopping Centre, and the Vero Centre. It is also New Zealand's largest-listed property fund.

History

1990s

Kiwi Property was established in 1992 as the Kiwi Income Property Trust as a property trust by Ross Green and Richard Didsbury.

Kiwi Income Property Trust acquired New Zealand Land Limited in 1994; which held a total portfolio of nine properties.

In 1995 Kiwi Income invested $9.75 million into 11.8ha of land in a 'brown zone' area, Mt. Wellington. They further invested another $20 million in 1999 for 9.1ha of land directly adjacent to the north of their existing land. [4]

In 1998 Kiwi Income divested a 50% shareholding in their management company leading to Land Lease investing and becoming a joint-ownership partner of Kiwi Income. [5]

2000s

In 2001, a strategic move lead Kiwi Income to acquire Kiwi Development Trust, the developers and managers of the Royal & Sun Alliance Building which is now known as the Vero Centre.

In 2002, Colonial First State acquired a 100% shareholding in the management company of Kiwi Income, making Kiwi Income a wholly owned subsidiary of Colonial First State. [5]

In 2007, the Sylvia Park Shopping Centre was completed.

2010s

During the 2011 Christchurch earthquake both of Kiwi Income's properties in Christchurch were affected. In the aftermath of the earthquake the Northlands Shopping Centre underwent seismic remediation, and the PricewaterhouseCoopers Tower was demolished; however a $70 million insurance claim was paid out. [6]

Kiwi Income developed ASB North Wharf, the New Zealand headquarters for ASB Bank, with Fletcher Construction completing the development in 2013.

In 2013 a consortium of investors purchased all Kiwi Income shares from Colonial First State; leading to 5 December 2014 vote of which 99.9% voted in favor of a name change and rebranding as Kiwi Property Group, becoming a New Zealand registered company rather than a trust. [7]

In September 2015, Kiwi announced the purchase of Westgate Lifestyle, a shopping complex located in Westgate for $82.5 million. [8] It was also reported that they entered into a joint-venture with Tainui Group Holdings to own and manage 50% of The Base in Hamilton for $192.5 Million. [8]

In October 2017 a deal was signed by Kiwi Property and Meridian Energy to install hundreds of roof top solar panels to harness renewable energy at four of its shopping malls namely Auckland's LynnMall, Hamilton's The Base, Palmerston North's The Plaza and Christchurch's Northlands. [9]

Listings

Kiwi Income was listed on the New Zealand Exchange in 1993 under the ticker code of KIP.

In 2014, after the name change from Kiwi Income Property to Kiwi Property Group, Kiwi Property changed its NZX ticker code to NZX: KPG.

All Kiwi Property shareholders are required to hold a minimum of 200 shares. [10]

Assets

Division No. of Properties Net Leaseable Area (sqm) No. of Tenants Valuation (millions)
Retail 7 246,496 798 $1,562.3
Office 5 118,026 73 $720.2
Total 12 364,522 871 $2,282.5

Shopping Centres

Sylvia Park and Sylvia Park Lifestyle

Main article: Sylvia Park

Sylvia Park and Sylvia Park Lifestyle are collectively a large business park and shopping centre in the Auckland suburb of Mount Wellington, in New Zealand. Less commonly known, the area around the centre (which includes some residential and other commercial developments) is also called Sylvia Park (the centre takes its name from the area, not vice versa, but Sylvia Park is not officially a suburb). The area is located adjacent to two major interchanges of the Auckland Southern Motorway – the South-Eastern Highway (which passes directly through the shopping centre on a viaduct) and Mount Wellington Highway.

Land and store space in the Sylvia Park development is let out to a wide variety of major retailers, with key tenants including The Warehouse Group, Hoyts Cinemas, Whitcoulls bookstore, H&M, Zara (both opened in October 2016) and Kmart (opened in early 2019) [11] [12] [13] as well as the Pak'nSave supermarket. In addition, the centre has franchises of all major New Zealand banks and a wide variety of other retailers. The centre employs approximately 2,500 staff.

In a rating of New Zealand shopping centres by a retail expert group in 2008, Sylvia Park received four stars, the maximum rating, based on the criteria of amount of shopping area, economic performance, amenity and appeal as well as future growth prospects. Especially praised were the wide catchment of shoppers and the motorway accessibility

Kiwi Income purchased the Apex Mega Centre located opposite the existing Sylvia Park Shopping and Business Centre in December 2014 for $64 million. After the purchase, Apex Mega was rebranded as Sylvia Park Lifestyle and was subsequently integrated into the Sylvia Park complex; however it still remains a separate shopping complex. [3]

LynnMall

Main article: LynnMall

New Zealand's first shopping centre, LynnMall, has been serving Auckland's western suburbs since opening in 1963. The centre has continued to evolve and is undergoing redevelopment.

LynnMall was acquired by Kiwi Property in early December 2010 from AMP Capital Property for $174 million. [14] The purchase was praised by analysts; including Buffy Gill of Goldman Sachs. [15]

LynnMall underwent a $50 million renovation in 2013. [16] Further expansion commenced in January 2015 [17] at a cost of $39 million. [18]

Centre Place

Main article: Centre Place

Centre Place is a shopping centre located in Hamilton. In 2013, the centre was extensively redeveloped. The centre is anchored by a Farmers department store and features Lido and METRO by Hoyts cinema complexes. Kiwi Property acquired the asset in three tranches between December 1994 and December 2005.

In 2000, Centre Place underwent a $10 million redevelopment to increase the size of the shopping centre from 65 stores to 85; other additions were a 'mothers room', a 14,000 m2 international food-court, and a new 'Lifestyle Precinct'. Development Manager Nick Sharp said in a statement that "We want to put a lot more emphasis in the entertainment and leisure sectors". The build was managed by local construction firm Hawkins Construction. [19]

In December 2015, Kiwi Property sold the newly redeveloped section of the Centre Place shopping centre. Centre Place South was sold to an unnamed New Zealand buyer for $46.7 million. [20]

The Plaza

Main article: The Plaza Shopping Centre

The Plaza Shopping Centre is a shopping mall in the central area of Palmerston North, New Zealand owned by Kiwi Property. It is the largest shopping mall in the Manawatu region and is home to many of New Zealand's favourite brands.

Originally 19,700 m2 (212,000 sq ft), the mall underwent redevelopment from 2008 to 2010 refurbishing the existing space and expanding to 32,000 m2 (340,000 sq ft). Redevelopment was done in three stages. The first stage opened in March 2009 with a new food court, a multi-level carpark and 15 new specialty stores. The second stage opened in September 2009 with an additional 10 specialty stores. The third stage opened March 2010 with the addition of 32 specialty stores, a two-storey 7,200 m2 (78,000 sq ft) Farmers department store and another multi-level carpark.

Northlands

Northlands Shopping Centre is a shopping mall in Christchurch, New Zealand. It encompasses five major tenants ( Pak'nSave, The Warehouse Group, Countdown, Farmers Trading Company and Hoyts) and 117 specialty stores equating to approximately 41,000 m2 of retail.

In 2003, Northlands shopping centre underwent a $90 million expansion. [21]

Table of details

Property Year of Ownership Location NLA (sqm) No. of Tenants No. of Carparks Valuation (millions) Notes
Sylvia Park 2007 Auckland 72,130 218 4,002 $605.4 [22]
Sylvia Park Lifestyle 2014 Auckland 16,182 14 393 $64.4 [23]
LynnMall 2010 Auckland 31,853 121 1,216 $248.8 [24]
Centre Place 1994 Hamilton 26,920 104 604 $117.6 [25]
The Plaza Shopping Centre 1993 Palmerston North 32,424 111 1,251 $206.4 [26]
Northlands 1994 Christchurch 41,538 125 1,870 $221.9 [27]
Total 7 246,496 798 10,416 $1,562.3

Office space

Vero Centre

Main article: Vero Centre
Vero Centre and surrounding buildings.

The Vero Centre (constructed as the Royal & SunAlliance Centre) is a high rise office tower located in Auckland, New Zealand. Constructed in 2000, it was Auckland's first major tower built since the 1980s. The centre contains a health club and gymnasium, main entry public foyer, retail outlets in the five podium levels and 32 office levels. As of 2005, it is New Zealand's tallest landmark office tower. It is also known for its 'halo' roof feature.

While atypically tall compared to the surrounding area, its construction is considered to have had a positive effect on the regeneration of the eastern Auckland CBD area. The site had previously been occupied by a number of vacant lots and low-rise buildings, including student accommodation, industrial warehouses and massage parlours.

Table of details

Property Year of Ownership Location Net Leaseable Area (sqm) No. of Tenants Valuation (millions) Notes
44 The Terrace 2004 Wellington 10,123 7 $25.5 [28]
56 The Terrace 2004 Wellington 22,194 (Under Renovation) $95.4 [29]
The Majestic Centre 1994 Wellington 24,568 19 $99.9 [30]
ASB North Wharf 2013 Auckland 21,625 12 $175 [31]
Vero Centre 2001 Auckland 39,516 35 $324.4 [32]
Total 5 118,026 73 $720.2

Corporate governance

References

  1. ^ "Kiwi Property Group Company Profile". Business.govt.nz/. Ministry of Business, Innovation, and Employment. 16 December 2015. Retrieved 9 January 2016.
  2. ^ a b "Archived copy" (PDF). Archived from the original (PDF) on 18 September 2016. Retrieved 30 June 2016.{{ cite web}}: CS1 maint: archived copy as title ( link)
  3. ^ a b c Kiwi Property Group (2015). 2015 Annual Report (PDF) (Map) (2015 ed.). New Zealand: Kiwi Property Group. Retrieved 31 December 2015.[ permanent dead link]
  4. ^ New Zealand Herald (30 June 2000). "Sylvia Park to be transformed". New Zealand Herald. p. 1. Retrieved 3 January 2016. The wheels are set in motion for redevelopment of an old 'brown' zone, as BOB DEY reports
  5. ^ a b "Our history – Kiwi Property". Kp.co.nz. 20 June 2014. Retrieved 6 April 2016.
  6. ^ NZ Herald (5 August 2014). "Auckland Mall expansion planned by Kiwi". New Zealand Herald. p. 1. Retrieved 2 January 2016. Country's biggest listed landlord looks at adding entertainment precinct at LynnMall and offices at Sylvia Park.
  7. ^ "Kiwi Income unitholders overwhelmingly approve corporatisation | The National Business Review". Nbr.co.nz. 15 December 2014. Retrieved 6 April 2016.
  8. ^ a b "Kiwi Property profit leaps 118pc". 14 March 2024.
  9. ^ "Kiwi Property is tapping into sun-power with 672 solar panels at Northlands Mall". 14 June 2019.
  10. ^ Herald on Sunday (3 May 2015). "Consumer Watch: Commercial deals a good bet". New Zealand Herald. p. 1. Retrieved 3 January 2016. Syndicates a less costly way to get a piece of the real estate action.
  11. ^ "Countdown out, Kmart in to half-hectareSylvia Park store". Nzherald.co.nz. 8 October 2018. Retrieved 2 December 2018.
  12. ^ "Retail giant Kmart to open at Sylvia Park next year". Stuff.co.nz. 8 October 2018. Retrieved 2 December 2018.
  13. ^ "Kmart to open at Sylvia Park". Kiwiproperty.com. 8 October 2018. Retrieved 2 December 2018.
  14. ^ Susie Nordqvist (2 December 2010). "LynnMall gets new owner in $174m deal". New Zealand Herald. p. 1. Retrieved 3 January 2016.
  15. ^ "Analysts laud mall purchase – Business – NZ Herald News". Nzherald.co.nz. 3 December 2010. Retrieved 6 April 2016.
  16. ^ "$50m revamp for LynnMall – National – NZ Herald News". Nzherald.co.nz. 22 January 2013. Retrieved 6 April 2016.
  17. ^ "Auckland's Lynn Mall expansion gets under way – Business – NZ Herald News". Nzherald.co.nz. Retrieved 6 April 2016.
  18. ^ "Looking at LynnMall – Business – NZ Herald News". Nzherald.co.nz. 20 October 2015. Retrieved 6 April 2016.
  19. ^ "City mall set for $10m upgrade – National – NZ Herald News". Nzherald.co.nz. 30 June 2000. Retrieved 6 April 2016.
  20. ^ 37 NZST. "Kiwi Property Group Limited". Nzx.com. Retrieved 6 April 2016.{{ cite web}}: CS1 maint: numeric names: authors list ( link)
  21. ^ "Kiwi profit lifts to $44 million – Business – NZ Herald News". Nzherald.co.nz. 28 May 2003. Retrieved 6 April 2016.
  22. ^ "Sylvia Park – Kiwi Property". Kp.co.nz. Retrieved 6 April 2016.
  23. ^ "Sylvia Park Lifestyle – Kiwi Property". Kp.co.nz. Archived from the original on 18 April 2016. Retrieved 6 April 2016.
  24. ^ "LynnMall – Kiwi Property". Kp.co.nz. Retrieved 6 April 2016.
  25. ^ "Centre Place – Kiwi Property". Kp.co.nz. Retrieved 6 April 2016.
  26. ^ "The Plaza – Kiwi Property". Kp.co.nz. Retrieved 6 April 2016.
  27. ^ "Northlands – Kiwi Property". Kp.co.nz. Retrieved 6 April 2016.
  28. ^ "44 The Terrace – Kiwi Property". Kp.co.nz. Retrieved 6 April 2016.
  29. ^ "56 The Terrace – Kiwi Property". Kp.co.nz. Retrieved 6 April 2016.
  30. ^ "The Majestic Centre – Kiwi Property". Kp.co.nz. Retrieved 6 April 2016.
  31. ^ "ASB North Wharf – Kiwi Property". Kp.co.nz. Retrieved 6 April 2016.
  32. ^ "Vero Centre – Kiwi Property". Kp.co.nz. Retrieved 6 April 2016.
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