Kiwi Income sells Wellington, Palmerston North properties

Published: Tue 2 Aug 2011 11:32 AM
Kiwi Income sells Wellington, Palmerston North properties
By Jason Krupp
Aug. 2 (BusinessDesk) - Kiwi Income Property Trust, the country's biggest listed property investment vehicle, sold two properties, with the non-core assets "logical candidates for capital recycling".
The trust has signed an unconditional agreement to sell its 50 The Terrace office building in Wellington for $6.37 million, which is said is in line with the current book value of $6.3 million, according to a statement filed with the NZX today. The deal is expected to be settled on Sept. 16.
The 23-year old, three-story property was acquired in 2005 for $4.1 million, and is located behind Kiwi Income's 44 The Terrace property, which is also currently up for sale.
The trust also announced it had recently completed the sale of 1-17 Broadway Avenue in Palmerston North for $2 million, which it said was in-line with book value.
Kiwi Income shares were unchanged at $1.02 today, and have gained 1% so far this year.

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