Kiwi Property has been investing in New Zealand real estate for 23 years. We own and have developed best-in-class shopping centres and landmark office towers. But much more than that, we’ve created spaces New Zealanders can simply enjoy.
We're growing with Auckland
Over recent years, our strategy has seen us substantially rebalance our property portfolio weighting towards Auckland, New Zealand’s largest regional economy and the country’s strongest centre of employment and population growth.
We’ve invested in high-quality office buildings and retail centres in locations favoured by the Auckland Unitary Plan.
We increasingly see ourselves as town centre investors, creating diverse, engaging environments for New Zealanders – exceptional places for exceptional people.
What we own
We proudly own and manage $3.0 billion in direct property investments in a portfolio that comprises some of New Zealand’s best retail and office assets. We also manage approximately $400 million of property on behalf of third parties.
Our properties provide diverse environments that connect and engage people through great experiences. They are places of aspiration and inspiration. They are places to shop, work, connect, live and grow.
Auckland's premier retail destination
Sylvia Park Lifestyle
Adding a new lifestyle experience to our top shopping centre
New Zealand's first shopping centre
Adding a new lifestyle experience to Westgate
We’re a leading owner and manager of New Zealand retail property
The Base is the retail and commercial centre at Te Rapa
Centre Place – North
The heart of Hamilton city's retail district
The only place to be in Palmerston North
Porirua's premier retail destination
Exceptional spaces for retailers to flourish
Attracting over 8 million customers every year
The pride of Auckland's central business district
ASB North Wharf
The award-winning head office of ASB Bank
The Majestic Centre
An iconic Wellington business address
The Aurora Centre
A mainstay for government accommodation
44 The Terrace
A key address in Wellington's parliamentary sector
Portfolio at a glance
|Retail portfolio||Office portfolio||Investment portfolio||Other properties||Portfolio|
|Capitalisation rate (%)||6.52||6.13||6.40|
|Net operating income ($m)||128.5||48.7||177.2||2.7||179.9|
|Net lettable area (sqm)||353,761||120,620||474,381|
|Sylvia Park Lifestyle||Auckland||16,536||16|
|The Base² (50%)||Hamilton||85,155||162|
|Centre Place – North||Hamilton||15,822||79|
|The Plaza||Palmerston North||32,299||107|
|ASB North Wharf||Auckland||21,625||12|
|The Majestic Centre||Wellington||24,615||24|
|The Aurora Centre||Wellington||24,526||3|
|44 The Terrace||Wellington||10,325||9|
Our portfolio is diversified across the retail and office sectors to smooth returns throughout the property cycles.
Our geographic diversification reflects our strategy of investing in New Zealand’s main centres, with a bias to Auckland.
We work hard every day to ensure our assets remain at the top of their game, and we are consistently rewarded with high portfolio occupancy.
Weighted average lease term
WALT is a measure of the security of our rental income. It tells us the average term to expiry of our existing leases, weighted by income.
Lease expiry profile
The lease expiry profile indicates the proportion of our gross income stream expiring in each financial year.
It’s important that we maintain tenant diversification to ensure we are not unduly exposed to fluctuations in any one market sector or single tenant. Our portfolio continues to attract a great range of tenants, across sectors.
|Discount department stores (DDS)||3%|
|Home and living||1%|
|Pharmacy and wellbeing||6%|
|Home and living||2%|
Top 20 tenants
Our top 20 tenants are comprised of respected companies, government departments and successful retail chains. Collectively, the top 20 tenants:
- Occupy 47% of our investment portfolio area
- Contribute 38% of investment portfolio by gross income
|Ministry of Development||4.5%|
|Cotton On Clothing||1.9%|
|Craigs Investment Partners||0.9%|
|Proportion of gross rental income||38%|
|¹ Controlled by The James Pascoe Group|