1 Mar 2012

Kiwi Income Properties' sales strong in 2011

5:52 am on 1 March 2012

Kiwi Income Properties says sales across its shopping centres grew strongly last year.

Retail sales across its portfolio rose by 8.8% in 2011, driven by strong performances at its Sylvia Park Shopping Centre and Lynmall Shopping Centre in Auckland, as well as The Plaza in Palmerston North and North City in Porirua.

Sales at its Northlands Shopping Centre in Christchurch rose by as much as 25% because of earthquake damage to retailers elsewhere in the city.

But sales fell 21% at the competition-affected Centre Place Shopping Centre in Hamilton, which is currently undergoing redevelopment.

Kiwi Income Properties chief executive Chris Gudgeon says its research indicates sales are likely to grow between 3-4% over 2012, at about 4% in the medium term.