In March 2019, Kiwi Property announced a new streamlined executive team structure to align the business to growth opportunities and better position the business for continued success.
In December 2019, we upgraded our dining experience at Northlands, opening 14 new or refreshed dining options which followed a refurbished HOYTS Cinemas opening in May 2018.
In December 2018, we made an important first step in our mixed-use journey at Sylvia Park, delivering the brand new ANZ Raranga office tower, fully leased to ANZ, IAG, KiwiRail and Roche.
In October 2018, we announced the arrival of customer favourite Kmart to Sylvia Park. Kmart will open a 5,000 sqm store in 2019, complementing our $258 million retail galleria project at Sylvia Park, due to be completed in mid-2020.
In July 2018, Clive Mackenzie began in the role of Chief Executive Officer.
In July 2018, Kiwi Property settled the $100 million sale of North City Shopping Centre, Porirua.
In April 2018, Kiwi Property relocated its Auckland corporate office from 205 Queen Street to The Vero Centre, 48 Shortland Street.
In December 2017, Kiwi Property settled the $123.2 million sale of The Majestic Centre, Wellington to Investec Property Limited, as the responsible entity for Investec Australia Property Fund.
In December 2017, Kiwi Property acquired a 3.2 hectare property at 79 Carbine Road and 10 Clemow Drive in Mount Wellington, Auckland for $27.1 million. When combined with our existing landholdings on Carbine Road and Clemow Drive, this acquisition enabled us to consolidate a 7.7 hectare landholding adjacent to Sylvia Park.
In September 2017, we settled the acquisition of a further 30.6 hectares of land at Drury in South Auckland. This brought our total land holdings to 42.7 hectares. A third land parcel of 8.6 hectares, has been secured via a right of first refusal. Our vision for Drury is the creation of a mixed-use community, to be developed over the next 20-years, to coincide with predicted population growth, household formation and employment growth in that region.
In October 2017, we were proud to open New Zealand’s first ever stores for H&M and Zara, at Sylvia Park. Subsequently, we reported that in the 12 months to 31 March 2017, retail sales at the centre grew by 11% over the year, with the centre delivering strong growth in shopper patronage and market share.
In April 2016, we entered an agreement to acquire a 50% interest in The Base shopping centre, in Hamilton for $192.5 million. The Base is New Zealand’s largest, single-site retail centre comprising both the Te Awa shopping centre and large format retail. Kiwi Property manages the property for the joint venture with Tainui Group Holdings Limited.
In December 2014, we acquired Sylvia Park Lifestyle. Located immediately opposite our flagship retail asset, Sylvia Park, Sylvia Park Lifestyle provides our customers with a broad, complementary and compelling retail offer.
In August 2014, we completed our first bond issue, raising $125 million in seven-year fixed rate senior secured bonds, thereby diversifying our debt capital sources.
In December 2014, our investors approved a proposal, known as corporatisation, in which we changed from a trust to a company structure. This resulted in a new brand and logo being developed and launched. We changed our name to Kiwi Property and our New Zealand Stock Exchange ticker changed to KPG.
In December 2013, CBA sold all of its interests in the Trust’s management companies to the Trust’s investors. In doing so, we moved from an externally-managed model to an internally-managed model. So, for the first time in our history, all of the Trust’s employees were employed directly by Kiwi Income Property Trust.
In July 2013, we completed a new landmark office building for ASB Bank on the Auckland waterfront, at Wynyard Quarter. ASB North Wharf has gone on to win many prestigious architecture, design and environmental sustainability awards.
In February 2011, a series of devastating earthquakes caused widespread damage across the South Island city of Christchurch. Kiwi Income Property Trust’s PricewaterhouseCoopers Tower performed well in the earthquake, with no loss of life, but was subsequently demolished. Northlands Shopping Centre has required subsequent seismic remediation works.
In August 2008, Chris Gudgeon started as Chief Executive replacing Angus McNaughton who held the role for six years.
In July 2007, we opened the final stage of Sylvia Park, New Zealand’s largest shopping centre and a superb new shopping destination. It has gone on to become one of New Zealand’s most successful shopping centres for Aucklanders.
In March 2002, Colonial First State Global Asset Management acquired 100% of the management company which managed Kiwi Income Property Trust. At the time, we were the largest externally managed real estate trust in the New Zealand market.
In April 2001, we strategically acquired what was known as the Kiwi Development Trust. This trust was responsible for the development of the Royal & Sun Alliance building, which is today known as the Vero Centre. It remains one of Auckland’s most desirable office locations.
In April 1998, our founders, Ross Green and Richard Didsbury, divested a 50% interest in Kiwi Income Property Trust’s original management company, which resulted in Lend Lease having a joint ownership in the manager.
In December 1994, we bolstered our asset diversity through the acquisition of New Zealand Land Limited, providing access to a portfolio of nine properties.
In December 1993, Kiwi Income Property Trust was listed on the NZX. At the time, we operated under an externally-managed model and traded under the NZX ticker code KIP.
In August 1992, Kiwi Income Property Trust was established as an unlisted property trust by co-founders Ross Green and Richard Didsbury.