Kiwi Property Group
 | |
| KiwiProperty | |
| Public | |
| Traded as | NZX: KPG |
| Industry | Real estate |
| Predecessor | Kiwi Income Property Trust |
| Founded | 1992; 24 years ago |
| Founders |
Ross Green Richard Didsbury |
| Headquarters | DLA Piper Tower, Auckland, New Zealand[1] |
Area served | New Zealand |
Key people | CEO: Chris Gudgeon |
| Revenue |
 $250.8 Million[2] (2015) |
|
$89 Million[3] (2015) | |
| Total assets |
$2.67 Billion[2] (2015) |
| Owners | see below |
Number of employees | 130[3] (2015) |
| Website |
www |
Kiwi Property Group Limited is a New Zealand NZX-listed company, formerly a real estate investment trust, that owns many properties throughout New Zealand; including the Sylvia Park Business and Shopping Centre, and the Vero Centre. It is also New Zealand's largest-listed property fund.
History
1990s
Kiwi Property was established in 1992 as the Kiwi Income Property Trust as a property trust by Ross Green and Richard Didsbury.
Kiwi Income Property Trust acquired New Zealand Land Limited in 1994; which held a total portfolio of nine properties.
In 1995 Kiwi Income invested $9.75 million into 11.8ha of land in a 'brown zone' area, Mt. Wellington. They further invested another $20 million in 1999 for 9.1ha of land directly adjacent to the north of their existing land. [4]
In 1998 Kiwi Income divested a 50% shareholding in their management company leading to Land Lease investing and becoming a joint-ownership partner of Kiwi Income.[5]
2000s
In 2001, a strategic move lead Kiwi Income to acquire Kiwi Development Trust, the developers and managers of the Royal & Sun Alliance Building which is now known as the Vero Centre.
In 2002, Colonial First State acquired a 100% shareholding in the management company of Kiwi Income, making Kiwi Income a wholly owned subsidiary of Colonial First State.[5]
In 2007 the Sylvia Park Shopping Centre was completed.
2010s
During the 2011 Christchurch earthquake both of Kiwi Income's properties in Christchurch were affected. In the aftermath of the earthquake the Northlands Shopping Centre underwent seismic remediatio, and the PricewaterhouseCoopers Tower was demolished; however a $70 million insurance claim was paid out. [6]
Kiwi Income developed ASB North Wharf, the New Zealand headquarters for ASB Bank, with Fletcher Construction completing the development in 2013.
In 2013 a consortium of investors purchased all Kiwi Income shares from Colonial First State; leading to 5 December 2014 vote of which 99.9% voted in favor of a name change and rebranding as Kiwi Property Group, becoming a New Zealand registered company rather than a trust.[7]
In September 2015, Kiwi announced the purchase of Westgate Lifestyle, a shopping complex located in Westgate for $82.5 million.[8] It was also reported that they entered into a joint-venture with Tainui Group Holdings to own and manage 50% of The Base in Hamilton for $192.5 Million.[8]
Listings
Kiwi Income was listed on the New Zealand Exchange in 1993 under the ticker code of KIP.
In 2014, after the name change from Kiwi Income Property to Kiwi Property Group, Kiwi Property changed its NZX ticker code to NZX: KPG
All Kiwi Property shareholders are requied to hold a minimum of 200 shares. [9]
Assets
| Division | No. of Properties | Net Leaseable Area (sqm) | No. of Tenants | Valuation (millions) |
|---|---|---|---|---|
| Retail | 7 | 246,496 | 798 | $1,562.3 |
| Office | 5 | 118,026 | 73 | $720.2 |
| Total | 12 | 364,522 | 871 | $2,282.5 |
Shopping Centres
Sylvia Park and Sylvia Park Lifestyle
Sylvia Park and Sylvia Park Lifestyle are collectively a large business park and shopping centre in the Auckland suburb of Mount Wellington, in New Zealand. Less commonly known, the area around the centre (which includes some residential and other commercial developments) is also called Sylvia Park (the centre takes its name from the area, not vice versa, but Sylvia Park is not officially a suburb). The area is located adjacent to two major interchanges of the Auckland Southern Motorway – the South-Eastern Highway (which passes directly through the shopping centre on a viaduct) and Mount Wellington Highway.
Land and store space in the Sylvia Park development is let out to a wide variety of major retailers, with key tenants including The Warehouse Group, Hoyts Cinemas, Whitcoulls bookstore, H&M and Zara (both opened in October 2016) as well as the Pak'nSave and Countdown supermarkets. In addition, the centre has franchises of all major New Zealand banks and a wide variety of other retailers. The centre employs approximately 2,500 staff of which only four are security guards and was drawing about 12,000 shoppers at a time during the weekends of the 2007 winter months.
In a rating of New Zealand shopping centres by a retail expert group in 2008, Sylvia Park received four stars, the maximum rating, based on the criteria of amount of shopping area, economic performance, amenity and appeal as well as future growth prospects. Especially praised were the wide catchment of shoppers and the motorway accessibility
Kiwi Income purchased the Apex Mega Centre located opposite the existing Sylvia Park Shopping and Business Centre in December 2014 for $64 million. After the purchase, Apex Mega was rebranded as Sylvia Park Lifestyle and was subsequently integrated into the Sylvia Park complex; however it still remains a separate shopping complex.[3]
LynnMall
New Zealand's first shopping centre, LynnMall, has been serving Auckland's western suburbs since opening in 1963. The centre has continued to evolve and is undergoing redevelopment.
LynnMall was acquired by Kiwi Property in early December 2010 from AMP Capital Property for $174 million.[10] The purchase was praised by analysts; including Buffy Gill of Goldman Sachs.[11]
LynnMall underwent a $50 million renovation in 2013.[12] Further expansion commenced in January 2015[13] at a cost of $39 million.[14]
Centre Place
Centre Place is a shopping centre located in Hamilton. In 2013, the centre was extensively redeveloped, providing a wide mix of high-quality national and international retailers and dining options. The centre is anchored by a Farmers department store and features Lido and METRO by Hoyts cinema complexes. Kiwi Property acquired the asset in three tranches between December 1994 and December 2005.
In 2000, Centre Place underwent a $10 million redevelopment to increase the size of the shopping centre from 65 stores to 85; other additions were a 'mothers room', a 14,000 m2 international food-court, and a new 'Lifestyle Precinct'. Development Manager Nick Sharp said in a statement that "We want to put a lot more emphasis in the entertainment and leisure sectors". The build was managed by local construction firm Hawkins Construction.[15]
In December 2015, Kiwi Property sold the newly redeveloped section of the Centre Place shopping centre.Centre Place South was sold to an unnamed New Zealand buyer for $46.7 million.[16]
The Plaza
The Plaza Shopping Centre is a shopping mall in the central area of Palmerston North, New Zealand owned by Kiwi Property. It is the largest shopping mall in the Manawatu region and is home to many of New Zealand's favourite brands.
Originally 19,700 m2 (212,000 sq ft), the mall underwent redevelopment from 2008 to 2010 refurbishing the existing space and expanding to 32,000 m2 (340,000 sq ft). Redevelopment was done in three stages. The first stage opened in March 2009 with a new food court, a multi-level carpark and 15 new specialty stores. The second stage opened in September 2009 with an additional 10 specialty stores. The third stage opened March 2010 with the addition of 32 specialty stores, a two-storey 7,200 m2 (78,000 sq ft) Farmers department store and another multi-level carpark.
Northlands
The Centre encompasses five major tenants (Pak'nSave, The Warehouse Group, Countdown, Farmers Trading Company and Hoyts) and 117 specialty stores equating to approximately 41,000 m2 of retail.
In 2003, Northlands shopping centre underwent a $90 million expansion.[17]
Table of details
| Property | Year of Ownership | Location | NLA (sqm) | No. of Tenants | No. of Carparks | Valuation (millions) | Notes |
|---|---|---|---|---|---|---|---|
| Sylvia Park | 2007 | Auckland | 72,130 | 218 | 4,002 | $605.4 | [18] |
| Sylvia Park Lifestyle | 2014 | Auckland | 16,182 | 14 | 393 | $64.4 | [19] |
| LynnMall | 2010 | Auckland | 31,853 | 121 | 1,216 | $248.8 | [20] |
| Centre Place | 1994 | Hamilton | 26,920 | 104 | 604 | $117.6 | [21] |
| The Plaza Shopping Centre | 1993 | Palmerston North | 32,424 | 111 | 1,251 | $206.4 | [22] |
| North City | 1993 | Porirua | 25,449 | 105 | 1,080 | $97.8 | [23] |
| Northlands | 1994 | Christchurch | 41,538 | 125 | 1,870 | $221.9 | [24] |
| Total | 7 | 246,496 | 798 | 10,416 | $1,562.3 |
Office space
Vero Centre
The Vero Centre (constructed as the Royal & SunAlliance Centre) is a high rise office tower located in Auckland, New Zealand. Constructed in 2000, it was Auckland's first major tower built since the 1980s. The centre contains a health club and gymnasium, main entry public foyer, retail outlets in the five podium levels and 32 office levels. As of 2005, it is New Zealand's tallest landmark office tower. It is also known for its 'halo' roof feature.
While atypically tall compared to the surrounding area, its construction is considered to have had a positive effect on the regeneration of the eastern Auckland CBD area. The site had previously been occupied by a number of vacant lots and low-rise buildings, including student accommodation, industrial warehouses and massage parlours.
Table of details
| Property | Year of Ownership | Location | Net Leaseable Area (sqm) | No. of Tenants | Valuation (millions) | Notes |
|---|---|---|---|---|---|---|
| 44 The Terrace | 2004 | Wellington | 10,123 | 7 | $25.5 | [25] |
| 56 The Terrace | 2004 | Wellington | 22,194 | (Under Renovation) | $95.4 | [26] |
| The Majestic Centre | 1994 | Wellington | 24,568 | 19 | $99.9 | [27] |
| ASB North Wharf | 2013 | Auckland | 21,625 | 12 | $175 | [28] |
| Vero Centre | 2001 | Auckland | 39,516 | 35 | $324.4 | [29] |
| Total | 5 | 118,026 | 73 | $720.2 |
Corporate governance
Executive team
| Title | Name | Year Joined Group | Notes |
|---|---|---|---|
| chief executive officer | Mr. Chris Gudgeon | 2008 | [30] |
| chief operating officer | Mr. Gavin Parker | 2002 | |
| Head of Transactions | Mr. Miles Brown | 2003 | |
| GM of Development | Mr. Christopher Hermann | 2015 | |
| GM of Commercial Portfolio | Mr. David Johnson | 2010 | |
| GM of Retail Portfolio | Mr. Karl Retief | 2000 | |
| Head of Human Resources | Ms. Kylie Eagle | 2011 | |
| National Facilities Manager | Mr. Jason Happy | 1998 | |
| Manager of Analytics & Projects | Ms. Natasha Loulanting | 2005 | |
| chief financial officer | Mr. Stuart Tabuteau | 2006 | |
| General Counsel & company secretary | Mr. Trevor Wairepo | 2014 |
Board of directors
| Member type | Name | Other Committee Membership | Notes |
|---|---|---|---|
| Non-executive chairman | Mr. Mark Ford | Member of the;
|
[31] |
| Non-executive member | Ms. Mary Jane Daly | Member of the Audit and Risk Committee | |
| Non-executive member | Mr. Richard Didsbury | Chairman of the Remunerations and Nominations Committee | |
| Non-executive member | Ms. Jane Freeman | Member of the Remunerations and Nominations Committee | |
| Non-executive member | Ms. Joanna Perry | Chairman of the Audit and Risk Committee | |
| Non-executive member | Mr. Mike Steur | Member of the;
|
Shareholders
According to page 97 of the 2015 annual report, Kiwi Property has 1,138,898,858 shares on issue and 12,308 registered shareholders.[3]
The 20 largest shareholders according to their 2015 Annual Report account for 734,677,034 of the total issued shares equaling 64.51% of all issed shares; they are;
| Organisation | Parent organisation | Number of shares | Percentage owned | Notes |
|---|---|---|---|---|
| Accident Compensation Corporation | Government of New Zealand | 111,489,219 |
9.79% |
[3] |
| Citibank Nominees (NZ) Limited | Citigroup | 73,811,995 |
6.48% |
[3] |
| HSBC Nominees (New Zealand) Limited | HSBC Holdings plc | 69,973,006 |
6.14% |
[3] |
| Cogent Nominees Limited | BNP Paribus[32] | 61,960,555 |
5.44% |
[3] |
National Nominees New Zealand Limited[33] |
46,891,457 |
4.12% |
[3] | |
| Guardian Nominees No2 Limited | The New Zealand Guardian Trust Company[34] | 41,195,873 |
3.62% |
[3] |
| Premier Nominees Limited | The New Zealand Guardian Trust Company[34] | 40,470,697 |
3.55% |
[3] |
| HSBC Nominees (New Zealand) Limited | HSBC Holdings plc | 36,330,301 |
3.19% |
[3] |
| Investment Custodial Services Limited | Commonwealth Bank of Australia[35] | 36,325,308 |
3.19% |
[3] |
| FNZ Custodians Limited | Kiwi Holdco Cayco, LTD[36] | 35,649,791 |
3.13% |
[3] |
| Custodial Services Limited | CIP Holdings Limited[37] | 29,439,944 |
2.58% |
[3] |
| Forsyth Barr Custodians Limited | Kensington Swan Holding Limited[38] | 25,223,884 |
2.21% |
[3] |
| Premier Nominees Limited | The New Zealand Guardian Trust Company[34] | 23,913,474 |
2.10% |
[3] |
MFL Mutual Fund Limited[39] |
23,485,692 |
2.06% |
[3] | |
22,247,574 |
1.95% |
[3] | ||
| Forsyth Barr Custodians Limited | Kensington Swan Holding Limited[38] | 15,128,543 |
1.33% |
[3] |
| Custodial Services Limited | CIP Holdings Limited[37] | 11,999,081 |
1.05% |
[3] |
| Private Nominees Limited | ANZ Bank New Zealand[40] | 11,331,155 |
0.99% |
[3] |
| T.E.A Custodians Limited | Sterling Grace (NZ) Limited[41] | 9,799,713 |
0.86% |
[3] |
| Forsyth Barr Custodians Limited | Kensington Swan Holding Limited[38] | 8,009,772 |
0.70% |
[3] |
| Totals | 734,667,034 | 64.51% | ||
Shareholder composition
Organisational composition
This final tally of all 20 largest shareholders, by total number of shares held, shows the biggest shareholders using the ultimate parent company and/or organisation.
| Organisation | Total Shares | Total Percent (%) | Number of Shareholdings | Subsidiary Shareholder(s) | Notes |
|---|---|---|---|---|---|
| Government of New Zealand | 111,489,219 |
9.79% |
1 |
Accident Compensation Corporation | |
| HSBC Holdings plc | 106,303,307 |
9.33% |
2 |
HSBC Nominees (New Zealand) Limited | |
| The New Zealand Guardian Trust Company | 105,580,044 |
9.27% |
3 |
Guardian Nominees No2 Limited Premier Nominees Limited |
|
| Citigroup | 73,811,995 |
6.48% |
1 |
Citibank Nominees (NZ) Limited | |
| BNP Paribas | 61,960,555 |
5.44% |
1 |
Cogent Nominees Limited | |
| Kensington Swan Holding Limited | 48,362,199 |
4.24% |
3 |
Forsyth Barr Custodians Limited | |
| National Nominees New Zealand Limited | 46,891,457 |
4.12% |
1 |
National Nominees New Zealand Limited | |
| CIP Holdings Limited | 41,439,025 |
3.63% |
2 |
Custodial Services Limited | |
| Commonwealth Bank | 36,325,308 |
3.19% |
1 |
Private Nominees Limited | |
| Kiwi Holdco Cayco, LTD | 35,649,791 |
3.13% |
1 |
FNZ Custodians Limited | |
| MFL Mutual Fund Limited | 23,485,692 |
2.06% |
1 |
MFL Mutual Fund Limited | |
| JPMorgan Chase | 22,247,574 |
1.95% |
1 |
JPMorgan Chase | |
| ANZ Bank New Zealand | 11,331,155 |
0.99% |
1 |
Private Nominees Limited | |
| Sterling Granc (NZ) Limited | 9,799,713 |
0.86% |
1 |
T.E.A Custodains Limited | |
| Total | 734,667,034 | 64.51% | 20 | 15 |
National composition
According to the 2015 annual report, over 98% of all KPG shares are owned and traded between people in six main nations. They are;
| Country | Number of shares owned | Percent of total shares issued | Notes |
|---|---|---|---|
| New Zealand | 921,588,114 |
80.92% |
[3] |
| United States | 127,382,690 |
11.18% | |
| United Kingdom | 31,487,340 |
2.67% | |
| Australia | 27,086,896 |
2.38% | |
| Norway | 7,157,068 |
0.63% | |
| Japan | 6,929,393 |
0.61% | |
| UN Rest of the World | 17,267,357 |
1.52% | |
| Total | 1,138,898,858 | 100.00% |
References
- ↑ "Kiwi Property Group Company Profile". Business.govt.nz/. Ministry of Business, Innovation, and Employment. 16 December 2015. Retrieved 9 January 2016.
- 1 2 https://s3-ap-southeast-2.amazonaws.com/kiwiproperty/uploads/KPG017-AR2016_lowres-FINAL.pdf
- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Kiwi Property Group (2015). 2015 Annual Report (PDF) (Map) (2015 ed.). New Zealand: Kiwi Property Group. Retrieved 31 December 2015.
- ↑ New Zealand Herald (30 June 2000). "Sylvia Park to be transformed". New Zealand Herald. p. 1. Retrieved 3 January 2016.
The wheels are set in motion for redevelopment of an old 'brown' zone, as BOB DEY reports
- 1 2 "Our history – Kiwi Property". Kp.co.nz. 20 June 2014. Retrieved 2016-04-06.
- ↑ NZ Herald (5 August 2014). "Auckland Mall expansion planned by Kiwi". New Zealand Herald. p. 1. Retrieved 2 January 2016.
Country's biggest listed landlord looks at adding entertainment precinct at LynnMall and offices at Sylvia Park.
- ↑ "Kiwi Income unitholders overwhelmingly approve corporatisation | The National Business Review". Nbr.co.nz. 15 December 2014. Retrieved 2016-04-06.
- 1 2 http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11639616
- ↑ Herald on Sunday (3 May 2015). "Consumer Watch: Commercial deals a good bet". New Zealand Herald. p. 1. Retrieved 3 January 2016.
Syndicates a less costly way to get a piece of the real estate action.
- ↑ Susie Nordqvist (2 December 2010). "LynnMall gets new owner in $174m deal". New Zealand Herald. p. 1. Retrieved 3 January 2016.
- ↑ "Analysts laud mall purchase – Business – NZ Herald News". Nzherald.co.nz. 3 December 2010. Retrieved 2016-04-06.
- ↑ "$50m revamp for LynnMall – National – NZ Herald News". Nzherald.co.nz. 22 January 2013. Retrieved 2016-04-06.
- ↑ "Auckland's Lynn Mall expansion gets under way – Business – NZ Herald News". Nzherald.co.nz. Retrieved 2016-04-06.
- ↑ "Looking at LynnMall – Business – NZ Herald News". Nzherald.co.nz. 20 October 2015. Retrieved 2016-04-06.
- ↑ "City mall set for $10m upgrade – National – NZ Herald News". Nzherald.co.nz. 30 June 2000. Retrieved 2016-04-06.
- ↑ :37 NZST. "Kiwi Property Group Limited". Nzx.com. Retrieved 2016-04-06.
- ↑ "Kiwi profit lifts to $44 million – Business – NZ Herald News". Nzherald.co.nz. 28 May 2003. Retrieved 2016-04-06.
- ↑ "Sylvia Park – Kiwi Property". Kp.co.nz. Retrieved 2016-04-06.
- ↑ "Sylvia Park Lifestyle – Kiwi Property". Kp.co.nz. Retrieved 2016-04-06.
- ↑ "LynnMall – Kiwi Property". Kp.co.nz. Retrieved 2016-04-06.
- ↑ "Centre Place – Kiwi Property". Kp.co.nz. Retrieved 2016-04-06.
- ↑ "The Plaza – Kiwi Property". Kp.co.nz. Retrieved 2016-04-06.
- ↑ "North City – Kiwi Property". Kp.co.nz. Retrieved 2016-04-06.
- ↑ "Northlands – Kiwi Property". Kp.co.nz. Retrieved 2016-04-06.
- ↑ "44 The Terrace – Kiwi Property". Kp.co.nz. Retrieved 2016-04-06.
- ↑ "56 The Terrace – Kiwi Property". Kp.co.nz. Retrieved 2016-04-06.
- ↑ "The Majestic Centre – Kiwi Property". Kp.co.nz. Retrieved 2016-04-06.
- ↑ "ASB North Wharf – Kiwi Property". Kp.co.nz. Retrieved 2016-04-06.
- ↑ "Vero Centre – Kiwi Property". Kp.co.nz. Retrieved 2016-04-06.
- ↑ "Our leadership team – Kiwi Property". Kp.co.nz. 20 June 2014. Retrieved 2016-04-06.
- ↑ "Our board – Kiwi Property". Kp.co.nz. 20 June 2014. Retrieved 2016-04-06.
- ↑ "View All Details". Business.govt.nz. Retrieved 2016-04-06.
- ↑ "View All Details". Business.govt.nz. Retrieved 2016-04-06.
- 1 2 3 "Shareholdings". Business.govt.nz. Retrieved 2016-04-06.
- ↑ "View All Details". Business.govt.nz. Retrieved 2016-04-06.
- ↑ "View All Details". Business.govt.nz. Retrieved 2016-04-06.
- 1 2 "View All Details". Business.govt.nz. Retrieved 2016-04-06.
- 1 2 3 "Shareholdings". Business.govt.nz. Retrieved 2016-04-06.
- ↑ "Shareholdings". Business.govt.nz. Retrieved 2016-04-06.
- ↑ "View All Details". Business.govt.nz. Retrieved 2016-04-06.
- ↑ "View All Details". Business.govt.nz. Retrieved 2016-04-06.
As of September 19, 2016 | |
| |
|
