Kiwi Property Group

Kiwi Property Group is one of New Zealand’s major listed property companies. Its portfolio spans shopping centres, mixed-use precincts, office buildings and build-to-rent residential accommodation, with assets concentrated in large New Zealand urban markets. The company’s best-known property is Sylvia Park in Auckland, a large mixed-use precinct combining retail, offices, dining, transport connections and residential development. Other prominent assets and interests include The Base in Hamilton, the Vero Centre in Auckland, LynnMall in Auckland, The Plaza in Palmerston North, Centre Place in Hamilton, ASB North Wharf in Auckland, 56 The Terrace in Wellington and Resido at Sylvia Park. The business began in 1992 as Kiwi Income Property Trust, established by Ross Green and Richard Didsbury. It listed on the New Zealand Exchange in 1993 under the ticker KIP. During its early expansion, the trust acquired New Zealand Land Limited, bringing a portfolio of nine properties into the business. It also assembled land at Mount Wellington in Auckland during the 1990s, creating the foundation for what became Sylvia Park. The trust sold a half interest in its management company to Lendlease in 1998, and Colonial First State later acquired full ownership of the management company in 2002. During the 2000s, Kiwi Income Property Trust expanded its office and retail interests. In 2001 it acquired Kiwi Development Trust, which had developed and managed the Royal & Sun Alliance Building, later renamed the Vero Centre. Sylvia Park was completed in 2007 and became the group’s principal mixed-use development. The company also developed ASB North Wharf in Auckland’s Wynyard Quarter, which opened in 2013 as the headquarters of ASB Bank. The organisation’s corporate structure changed in the 2010s. A consortium acquired the shares held by Colonial First State in 2013, and shareholders subsequently approved a reorganisation. On 5 December 2014, the trust was rebranded as Kiwi Property Group, incorporated as a company rather than a trust, and moved to the NZX ticker KPG. The company continued to expand and recycle capital through acquisitions, joint ventures and asset sales. It purchased Westgate Lifestyle in 2015 and entered a 50:50 ownership and management arrangement with Tainui Group Holdings for The Base in Hamilton. It later sold several mature or non-core assets, including the Majestic Centre, North City Shopping Centre, Northlands Shopping Centre and Westgate Lifestyle. Kiwi Property’s portfolio has also been affected by major events and changing property-market conditions. Two Christchurch assets were heavily affected by the 2011 earthquake: Northlands Shopping Centre required seismic remediation, while the PricewaterhouseCoopers Tower was demolished. The company subsequently undertook strengthening and refurbishment projects at selected office assets, including 56 The Terrace in Wellington. Sustainability became an additional focus, illustrated by a 2017 agreement with Meridian Energy to install rooftop solar panels at four retail properties. In the late 2010s and 2020s, Sylvia Park evolved beyond a conventional shopping centre. ANZ Raranga, the first office building at the precinct, opened in 2019 with ANZ and IAG as anchor tenants. A major galleria expansion opened in 2020, adding retail space, stores and a dining precinct. In 2021 the company began construction of Resido, a 295-apartment build-to-rent project on the northern edge of Sylvia Park. Resido opened in June 2024 and represented Kiwi Property’s first major move into residential accommodation. The company has described build-to-rent as a potential growth area, with plans discussed for additional apartments at Sylvia Park and LynnMall. Today, Kiwi Property operates as a New Zealand property owner, developer and manager rather than as a consumer-facing product brand. Its positioning is based on owning strategically located, income-producing real estate and enhancing the value of…

Kiwi Property Group was established in 1992 as Kiwi Income Property Trust by Ross Green and Richard Didsbury. It listed on the New Zealand Exchange in 1993 as KIP. The trust expanded in 1994 through the acquisition of New Zealand Land Limited, whose holdings added nine properties to the portfolio. During the 1990s it also accumulated land at Mount Wellington in Auckland, creating the development platform for Sylvia Park. In 1998, Lendlease acquired a 50 percent interest in the trust’s management company. The company broadened its development and office capabilities in the early 2000s. In 2001, it acquired Kiwi Development Trust, the developer and manager of the Royal & Sun Alliance Building, subsequently known as the Vero Centre. Colonial First State acquired full ownership of the management company in 2002. Sylvia Park was completed in 2007 and became the group’s principal retail and mixed-use asset. Kiwi Property’s Christchurch holdings were affected by the 2011 earthquake. Northlands Shopping Centre required seismic remediation, while the PricewaterhouseCoopers Tower was demolished. The company also developed ASB North Wharf in Auckland’s Wynyard Quarter; the seven-level office building opened in 2013 and was occupied by ASB Bank. In the same period, a consortium of investors acquired the shares previously held by Colonial First State. Shareholders approved a major corporate reorganisation in December 2014, changing the trust into a New Zealand company, adopting the Kiwi Property Group name and changing the NZX ticker to KPG. The company pursued both acquisitions and disposals during the middle of the decade. It acquired Westgate Lifestyle in 2015 and formed a 50:50 joint venture with Tainui Group Holdings for The Base in Hamilton. In 2017 it agreed with Meridian Energy to install rooftop solar panels at LynnMall, The Base, The Plaza and Northlands. Kiwi Property sold the Majestic Centre in Wellington in 2017 and North City Shopping Centre in 2018, describing the transactions as part of capital recycling. In 2019, ANZ Raranga opened at Sylvia Park as the precinct’s first office building, with ANZ and IAG as anchor tenants. Sylvia Park continued to develop during the 2020s. A major galleria expansion opened in October 2020, adding approximately 20,000 square metres of retail space, 50 stores and a dining area known as The Terrace. In September 2021, construction began on Resido, a 295-apartment build-to-rent project on the northern edge of the precinct. The project marked Kiwi Property’s first substantial move into residential rental accommodation and reflected a strategy of diversifying the asset base while increasing the intensity and range of uses at established sites. The company continued to rationalise its retail portfolio. Northlands Shopping Centre was sold in 2022, and Westgate Lifestyle was divested in 2023. In March 2023, Kiwi Property opened 3 Te Kehu Way, an office and medical-office building at Sylvia Park. Resido opened on 11 June 2024. The development was presented as a major step in Kiwi Property’s ambition to become a significant New Zealand build-to-rent owner and operator, with further apartment capacity discussed for Sylvia Park and LynnMall. Kiwi Property’s portfolio now combines retail destinations, office buildings, mixed-use precincts and residential rental accommodation. Its operating model depends on ownership, development, leasing and active management of property assets rather than the sale of consumer goods. The company’s most visible strategic theme is the transformation of large shopping-centre sites into broader urban precincts that integrate retail, offices, dining, transport links and housing.

• 2024

  Resido opens

  [1]Kiwi Property Groupen.wikipedia.org

  The company’s first major build-to-rent development opened at Sylvia Park.

• 2023

  3 Te Kehu Way opens

  [1]Kiwi Property Groupen.wikipedia.org

  A new office and medical-office building opened at Sylvia Park.

• 2021

  Resido construction begins

  [1]Kiwi Property Groupen.wikipedia.org

  Construction began on a 295-apartment build-to-rent project at Sylvia Park.

• 2020

  Sylvia Park galleria expansion opens

  [1]Kiwi Property Groupen.wikipedia.org

  The expansion added retail, stores and dining capacity to the flagship precinct.

• 2019

  ANZ Raranga opens

  [1]Kiwi Property Groupen.wikipedia.org

  The first office building at Sylvia Park opened, advancing the precinct’s mixed-use development.

• 2014

  Rebrand and corporate conversion

  [1]Kiwi Property Groupen.wikipedia.org

  The organisation became Kiwi Property Group, converted from a trust to a company and adopted the KPG ticker.

• 2013

  ASB North Wharf opens

  [1]Kiwi Property Groupen.wikipedia.org

  Kiwi Property completed the Auckland office building developed for ASB Bank.

• 2007

  Sylvia Park completed

  [1]Kiwi Property Groupen.wikipedia.org

  The Auckland precinct was completed and became the company’s flagship retail and mixed-use asset.

• 2001

  Vero Centre development platform acquired

  [1]Kiwi Property Groupen.wikipedia.org

  Kiwi Development Trust was acquired, bringing the developer and manager of the building later known as the Vero Centre into the group.

• 1994

  Acquisition of New Zealand Land Limited

  [1]Kiwi Property Groupen.wikipedia.org

  The acquisition added a portfolio of nine properties to the business.

• 1993

  Public listing

  [1]Kiwi Property Groupen.wikipedia.org

  The trust listed on the New Zealand Exchange under the ticker KIP.

• 1992

  Kiwi Income Property Trust established

  [1]Kiwi Property Groupen.wikipedia.org

  Ross Green and Richard Didsbury established the property trust that later became Kiwi Property Group.

A New Zealand property owner, developer and manager focused on large-scale retail, office, mixed-use and build-to-rent assets in major urban locations.

• Mixed-use precinct · 2007

  Sylvia Park

  Sylvia Park is Kiwi Property’s flagship Auckland precinct in Mount Wellington. It combines a major shopping centre with large-format retail, dining, office buildings and residential development. The precinct includes the Sylvia Park Shopping Centre, Sylvia Park Lifestyle, ANZ Raranga, 3 Te Kehu Way and Resido. Its development illustrates the company’s strategy of intensifying established retail locations by adding employment, services and housing alongside shopping.

• Mixed-use retail centre

  The Base

  The Base is a major Hamilton retail destination incorporating the Te Awa specialty mall and a substantial large-format retail precinct. Kiwi Property owns and manages the asset through a 50:50 joint venture with Tainui Group Holdings. The property combines mainstream shopping with bulky-goods and destination retail, giving it a broad regional catchment.

• Shopping centre · 1963

  LynnMall

  LynnMall is a long-established shopping centre serving Auckland’s western suburbs. Opened in 1963, it has undergone successive renovation and expansion programmes. Kiwi Property acquired the centre in 2010 and subsequently invested in refurbishment and further development. The asset is also identified as a potential location for additional build-to-rent housing within the company’s broader residential strategy.

• Build-to-rent residential · 2024

  Resido

  Resido is a 295-apartment build-to-rent development on the northern edge of Sylvia Park. It includes resident amenities such as a gym, rooftop barbecue area and co-working facilities. The project was constructed as Kiwi Property’s first major entry into residential rental accommodation and was intended to diversify the company’s portfolio while increasing the number of people living within its mixed-use precinct.

• Office building · 2000

  Vero Centre

  The Vero Centre is a high-rise office tower in Auckland, originally constructed as the Royal & SunAlliance Centre. Completed in 2000, it was one of Auckland’s first major office towers built after the property downturn of the late twentieth century. The building includes office floors, podium-level retail, a public foyer and health and fitness facilities.

• Office building · 2013

  ASB North Wharf

  ASB North Wharf is a seven-level office building in Auckland’s Wynyard Quarter. Kiwi Property developed the building for ASB Bank, which occupies the office space under a long-term lease. Its completion extended Kiwi Property’s office development activity into one of Auckland’s principal waterfront regeneration areas.

• Office and medical-office building · 2023

  3 Te Kehu Way

  3 Te Kehu Way is a low-rise office and medical-office building at Sylvia Park. It opened in 2023 with Geneva Finance and ASB as anchor tenants. The building was designed with strong environmental credentials and received a six-Green-Star Design & As Built rating, supporting the precinct’s expansion beyond retail.

• Shopping centre

  The Plaza

  The Plaza is a major shopping centre in central Palmerston North and the largest mall in the Manawatu region. It underwent a substantial redevelopment between 2008 and 2010, refurbishing existing areas and expanding the centre’s total floor space. The property serves as a regional retail destination for Palmerston North and surrounding communities.

• Shopping centre

  Centre Place

  Centre Place is a Hamilton shopping centre that includes retail stores and cinema facilities. Kiwi Property acquired the asset in several stages between 1994 and 2005. A 2000 redevelopment expanded the centre from 65 to 85 stores, after which part of the redeveloped southern section was sold as part of the group’s portfolio-management activity.

• 2017Retail-centre rooftop solar programme

  New Zealand

  Kiwi Property partnered with Meridian Energy on a programme to install rooftop solar panels at LynnMall, The Base, The Plaza and Northlands.

  Outcome. The initiative connected the company’s retail-property operations with renewable-energy generation and sustainability improvements.

  Source

• 2023

  Portfolio capital recyclingStrategy

  Background

  Kiwi Property continued to manage the composition of its retail portfolio and dispose of selected assets.

  Action taken

  The company divested Westgate Lifestyle after previously selling Northlands Shopping Centre and other properties.

  Aftermath

  The transactions reduced exposure to selected retail assets and supported a portfolio increasingly focused on core mixed-use, office and residential opportunities.

  Source

• 2021

  Entry into build-to-rent housingStrategy

  Background

  Kiwi Property sought to diversify its asset base and increase the intensity of established mixed-use sites.

  Action taken

  The company began construction of Resido, a 295-apartment build-to-rent development at Sylvia Park.

  Aftermath

  Resido opened in 2024 and became the foundation of Kiwi Property’s stated ambition to grow as a build-to-rent owner and operator.

  Source

• 2020

  Sylvia Park galleria expansionProduct launch

  Background

  Kiwi Property was developing Sylvia Park as a broader mixed-use destination rather than solely as a shopping centre.

  Action taken

  The company opened a major galleria expansion with additional retail space, stores and The Terrace dining precinct.

  Aftermath

  The project increased Sylvia Park’s retail and dining capacity and supported its continuing transformation into a mixed-use precinct.

  Source

• 2015

  Westgate and The Base expansionM&A

  Background

  Kiwi Property sought to expand its retail portfolio and participate in regional shopping-centre assets.

  Action taken

  The company acquired Westgate Lifestyle and formed a 50:50 joint venture with Tainui Group Holdings for The Base.

  Aftermath

  The transactions increased Kiwi Property’s exposure to Auckland’s Westgate area and Hamilton’s major retail market.

  Source

• 2014

  Conversion from property trust to listed companyStrategy

  Background

  The business had operated as Kiwi Income Property Trust and was subject to a change in ownership and corporate structure.

  Action taken

  Shareholders approved the Kiwi Property Group name, company registration and adoption of the KPG NZX ticker.

  Aftermath

  The reorganisation established the corporate structure and brand identity under which the business operates today.

  Source

1. 1Kiwi Property Groupen.wikipedia.org