Kiwi Property Group
 |
|
| KiwiProperty | |
| Public | |
| Traded as | NZX: KPG |
| Industry | Real estate |
| Predecessor | Kiwi Income Property Trust |
| Founded | 1992; 25 years ago |
| Founders | Ross Green Richard Didsbury |
| Headquarters | DLA Piper Tower, Auckland, New Zealand |
|
Area served
|
New Zealand |
|
Key people
|
CEO: Chris Gudgeon |
| Revenue |
 $250.8 Million (2015) |
|
$89 Million (2015) |
|
| Total assets |
$2.67 Billion (2015) |
| Owners | see below |
|
Number of employees
|
130 (2015) |
| Website | www |
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.
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.
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.
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.
In 2007 the Sylvia Park Shopping Centre was completed.
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 remediatio, and the PricewaterhouseCoopers Tower was demolished; however a $70 million insurance claim was paid out.
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.
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Wikipedia