Colonial buys Kiwi property manager
Colonial First State Propertyhas reinforced its New Zealand commitment with the purchase of a New Zealand property funds management company, Kiwi Income Properties Limited.
Colonial First State Property, a wholly owned subsidiary of the Commonwealth Bank, already has a NZ $325 million total gross asset investment in New Zealand via its interests in the management of two listed property trusts - the Colonial First State Property Trust and the New Market Property Trust.
The acquisition of Kiwi Income Properties will mean that an Australian based fund manager will now own New Zealand’s largest listed property trust.
Colonial First State Property’s general manager Geoff McWilliam says it was attracted to Kiwi Income Properties because of its strong management and leading market position.
“These attributes combined with the expertise of our Australian business, will provide a broad skill base in property funds management that will benefit investors in all funds managed by the Group in New Zealand,” he says.
The sale, which is subject to approval by New Zealand’s Overseas Investments Commission, is expected by the end of March.
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