Positive signs for big property investors
Things are looking up for two of the country’s biggest property investment groups.
Wednesday, August 8th 2012, 12:00AM
by The Landlord
Goodman Property Trust chief executive John Dakin said this week that confidence was returning to the investment and development markets.
He told the trust’s annual general meeting that development activity was continuing in line with an economy that appeared to be recovering.
The past year had been the trust’s best since 2007, with nearly $100 million of projects under construction.
Meanwhile, the country’s largest listed property company, Kiwi Income Property Trust, also held its annual general meeting this week.
It said it was encouraging that 85 per cent of its property portfolio was either in the recovering retail sector or the Auckland office market, which was looking positive with an improving demand situation.
But earthquake concerns hung over some of its biggest Christchurch and Wellington buildings.
The trust, with more than $2 billion worth of real estate, will spend $35 million on strengthening one Wellignton office building. In Christchurch, the PriceWaterhouseCoopers tower is being demolished at insurers’ expense but $26.9 million of unitholder funds was written off and a $69 million insurance claim had been settled, unitholders heard.
KIPT chief executive Chris Gudgeon said there could be more work needed in Christchurch than originally expected after earthquake loading standards were lifted by about 37 per cent.
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