Property portfolio lifts Kiwi profit

The result reflected strong performance across retail and office portfolios, chief executive Angus McNaughton said yesterday.

The result follows a six-minute stock market blitz on Friday in which Kiwi snapped up 19.9 per cent of Wellington-based Capital Properties for $53.4 million. Mr McNaughton described the acquisition as "a strategic stake in a complementary property company". Kiwi was reviewing its options with regard to Capital, he said.

Kiwi is an Auckland-based registered unit trust controlled by Australian interests. The management company for the trust, Kiwi Income Properties, was bought by Australian firm Colonial First State Property in 2002.

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