Kiwi Property Group Limited
KPG.NZ
New Zealand Exchange0.94
NZD
-0.01
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Kiwi Property Group Limited
KPG.NZ
(New Zealand Exchange)
Recent
price
0.94
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ratio
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div
yld
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ROIC.AI
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- Business
- Kiwi Property Group Limited (NZX: KPG) is a New Zealand-based real estate investment company that owns, develops, and manages a diversified portfolio of high-quality mixed-use, retail, office, and build-to-rent properties across the country. The company operates primarily in the Golden Triangle of Auckland and key regional centers, with core assets including Sylvia Park (New Zealand's largest shopping center, encompassing retail, office, medical, residential via the Resido build-to-rent community of 295 apartments, and lifestyle retail), LynnMall and The Base (dominant regional malls offering retail and mixed-use development potential), Vero Centre (Auckland's premier office tower with 32 levels, retail podium, and parking), ASB North Wharf (office space), and Aurora Centre (retail); it provides leasing, advertising, pop-up retail, kiosks, experiential marketing, and property management services to retailers, offices, residents, and institutional investors. Founded in 1992 as Kiwi Income Property Trust and headquartered at Level 7, Vero Centre, 48 Shortland Street, Auckland, the company internalised management in 2013, converted to a corporate structure in 2014, and focuses on retail-led mixed-use precincts with large landholdings exceeding 125 hectares at Sylvia Park, LynnMall, The Base, and Drury for future densification. In recent developments, Kiwi Property completed construction of the Resido build-to-rent complex at Sylvia Park, achieving 99% occupancy by September 2025 and contributing additional rental income; agreed to sell Sylvia Park Lifestyle (large-format retail) for NZ$90 million to the Mackersy LFR Fund in November 2025, retaining a 50-75% stake via prior investment in Mackersy Property and underwriting while continuing management; secured an unconditional agreement to sell The Plaza regional mall in Palmerston North for NZ$118.9 million to NZ Retail Property Group in November 2025, aligning with capital recycling for mixed-use expansions; extended the ASB North Wharf lease to 2040; and improved Vero Centre occupancy to 94.3%, following the termination of a prior NZ$458 million sale in 2024 due to buyer default. These transactions, expected to release over NZ$115 million in capital through FY27-FY29 and reduce pro forma gearing to 35.2%, support reinvestment in the company's mixed-use development pipeline amid strong leasing spreads (new office leases up 18.7% in FY24) and net rental income growth of 7.0% in the half-year to September 2025.