1 Apr 2011

KIP portfolio value lowered

6:15 pm on 1 April 2011

Kiwi Income Property Trust says the value of its portfolio has shrunk, due to declining demand and the effect of February's earthquake on its two assets in Christchurch.

The value of its portfolio of retail and office properties stands at $1.98 billion.

The trust's Northland Shopping Centre and PriceWaterhouseCoopers Centre had a combined $52 million wiped off their worth.

And its office portfolio fell 5% in value, which the trust says reflects an increase in vacancy rates in Auckland and Wellington and lower market rents over the past three years.