9 Aug 2012

Seismic strengthening project by Kiwi Income Property Trust

7:16 am on 9 August 2012

Kiwi Income Property Trust says it will continue seismically strengthening all its portfolio in the coming year.

New Zealand's largest listed property company owns malls like Sylvia Park and LynnMall in Auckland and office buildings including Vero Centre in Auckland and the Majestic Centre in Wellington.

The company experienced a US26.4 million fall in profit in the 2011 financial year after the Christchurch earthquake.

Afterwards the trust held a seismic review of its entire portfolio.

A $35 million dollar strengthening programme is underway at The Majestic Centre to achieve a low risk status, which is expected to be completed over the next few years.

It's also spending about $9 million reconstructing part of its Northlands shopping centre in Christchurch following the quake and its anticipating more strengthening will be needed.

The company is looking at undertaking a 10 year programme at a cost of between $30 - $40 million to get a low risk earthquake status across its portfolio.