New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Kiwi Property (KPG) has announced that it has agreed to terms for the conditional sale of its prime Auckland office tower, the Vero Centre, for a slight discount to book value.</li><li>We view this as a solid outcome for KPG given: (1) current challenging market conditions for direct property transactions, (2) it is c.3% accretive to earnings and firms up NTA, and (3) gearing is significantly reduced which provides headroom for any further negative asset revaluations and/or new capital commitments.</li><li>However, it does represent the loss of one of KPG'​​​s better performing assets and further concentrates its portfolio on Sylvia Park, which will be c.60% of the value of the remaining assets. </li></ul>

Kiwi Property (KPG) has announced that it has agreed to terms for the conditional sale of its prime Auckland office tower, the Vero Centre, for a slight discount to book value.We view this as a solid outcome for KPG given: (1) current challenging market conditions for direct property transactions, (2) it is c.3% accretive to earnings and firms up NTA, and (3) gearing is significantly reduced which provides headroom for any further negative asset revaluations and/or new capital commitments.However, it does represent the loss of one of KPG'​​​s better performing assets and further concentrates its portfolio on Sylvia Park, which will be c.60% of the value of the remaining assets. 

Kiwi Property Group - A Vero Good Sale Price