Kiwi Income Property also known as KIP has said that it is fine with the higher exposure that it is getting in Auckland. The fund is going to invest majorly in the retail market of the region and is confident that it will get handsome returns from that.
This is so because the population of Auckland is growing and economic recovery is at a faster pace. The trust has already purchased into the Lynn Mall shopping centre in Auckland that it has brought from AMP Capital Property by paying $174 million.
Said Chief executive Chris Gudgeon that while there are no immediate plans of expansion, it is for sure that when they do they have a place to go to.
About the St. Luke's shopping mall expansion he said that there is nothing of the sort in the immediate planning. Chris in affirmation said that he was confident that the place is well-placed and will give expected returns.
As of now, KIP is the owner of 5 shopping malls and these include the likes of Sylvia Park in Auckland and the Northlands shopping centre in Christchurch.
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