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Kiwi Property sells Drury retail land for $115M to boost traffic ahead of Auckland’s first Ikea opening.
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.
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.
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%.
The company maintains a stable gearing level, reduced costs, and reaffirmed its full-year dividend guidance.
Kiwi Property vende el terreno de Drury por $115 millones para impulsar el tráfico antes de la apertura del primer Ikea de Auckland.