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flag Kiwi Property sells Drury retail land for $115M to boost traffic ahead of Auckland’s first Ikea opening.

flag Kiwi Property anticipates $115 million in proceeds from selling retail land at Drury, New Zealand, ahead of Auckland’s first Ikea opening in early December, aiming to boost foot traffic at Sylvia Park. flag The company reported strong leasing results, including 99% occupancy at its Resido build-to-rent portfolio and a 40-year lease extension for ASB North Wharf. flag Despite a 77% drop in net profit due to a $30.3 million fair value loss, underlying performance remained solid, with 7.0% rental income growth, 11.5% profit increase, and AFFO up 7.2%. flag The company maintains a stable gearing level, reduced costs, and reaffirmed its full-year dividend guidance.

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