KPG set for trading
Kiwi Income Property Trust unitholders have voted for corporatisation.
Monday, December 15th 2014, 12:00AM
by The Landlord
The trust will be turned into a company, called Kiwi Property Group Ltd.
Trading in units will halt to allow them to be redeemed and exchanged in shares in the company.
The new stock - KPG - will start trading on December 22.
The board will remain the same.
“In the past 12 months, our investors have supported us through two major changes to our structure, including the internalisation of our management and, now, corporatisation," said chairman Mark Ford. "These initiatives will create long-term cost savings and investment value.”
Kiwi Income's property portfolio is currently valued at $2.1 billion and includes Auckland's Sylvia Park Shopping Centre, LynnMall Shopping Centre and Vero Centre and Wellington's Majestic Centre.
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