KPG
18/03/2016 08:34
GENERAL
PRICE SENSITIVE
REL: 0834 HRS Kiwi Property Group Limited
GENERAL: KPG: Preliminary property portfolio revaluation update
Kiwi Property today announced that its financial result for the year ending
31 March 2016 is expected to contain a significant property revaluation gain.
Following the independent valuation of its property portfolio and receipt of
draft independent valuation reports, it is expected that the net increase in
the value of the property portfolio for the year ending 31 March 2016 will be
approximately $175-$180 million (+7%).
Chief Executive, Chris Gudgeon, said: "This strong revaluation outcome
reflects the quality of our portfolio, the value of our development projects
and the strong interest from both domestic and offshore investors in New
Zealand markets."
The weighted average capitalisation rate for the portfolio is expected to
firm by approximately 30 basis points to approximately 6.6% and the overall
value of the portfolio is expected to stand at approximately $2.7 billion.
The revaluation gain is expected to increase the Company's net tangible asset
backing by approximately 14 cents per share.
The property valuations remain subject to finalisation and independent audit.
They will be confirmed in the Company's audited financial results for the
year to 31 March 2016, to be announced on 16 May 2016. Further details of the
revaluation outcomes are also expected to be announced once the valuations
are finalised on 31 March 2016.
> Ends
Contact us for further information
Chris Gudgeon
Chief Executive
[email protected]
+64 9 359 4011
mobile +64 21 855 907
Gavin Parker
Chief Operating Officer
[email protected]
+64 9 359 4012
mobile +64 21 777 055
Stuart Tabuteau
Chief Financial Officer
[email protected]
+64 9 359 4025
mobile +64 21 912 247
Mathew Chandler
Investor Relations and Communications Manager
[email protected]
+61 458 110 042
direct +61 2 9519 5850
ABOUT US
Kiwi Property (NZX: KPG) is the largest listed property company on the New
Zealand Stock Exchange and is a member of the NZX15 Index. We've been around
for more than 20 years and we proudly own and manage a $2.39 billion
portfolio of real estate, comprising some of New Zealand's best shopping
centres and prime office buildings. Our objective is to provide investors
with a reliable investment in New Zealand property by targeting superior
risk-adjusted returns over time through the ownership and active management
of a diversified, high-quality portfolio. Kiwi Property is licensed under
the Real Estate Agents Act 2008. To find out more, visit our website
kp.co.nz
End CA:00279471 For:KPG Type:GENERAL Time:2016-03-18 08:34:56
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
