New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Investore’s (IPL) 1H26 result was largely as expected, with the key difference being higher maintenance capex as the company takes advantage of investment-boost tax deductions.</li><li>DPS guidance was unchanged at the low end of the target range, reflecting headroom for upcoming portfolio-remixing activity (c.20% of the portfolio is non-core), elevated near-term maintenance capex, and the eventual roll-off of low fixed-interest rates.</li><li>Gearing remains full, but asset sales will reduce debt near term.</li></ul>

Investore’s (IPL) 1H26 result was largely as expected, with the key difference being higher maintenance capex as the company takes advantage of investment-boost tax deductions.DPS guidance was unchanged at the low end of the target range, reflecting headroom for upcoming portfolio-remixing activity (c.20% of the portfolio is non-core), elevated near-term maintenance capex, and the eventual roll-off of low fixed-interest rates.Gearing remains full, but asset sales will reduce debt near term.

Investore 1H26 Result Shopping With A Full Trolly

<ul><li>Investore (IPL) has announced the conditional acquisition of Silverdale Centre.</li><li>If approved, Silverdale Centre would be IPL’s largest single asset (c.10% of the portfolio), lifting its Auckland exposure to 48% (from 42%) and reducing single-tenant exposure for Woolworths to 54% of contract rent (from 59%).</li><li>IPL is also lodging an offer of up to NZ$62.5m of subordinated convertible notes with a four-year term.</li></ul>

Investore (IPL) has announced the conditional acquisition of Silverdale Centre.If approved, Silverdale Centre would be IPL’s largest single asset (c.10% of the portfolio), lifting its Auckland exposure to 48% (from 42%) and reducing single-tenant exposure for Woolworths to 54% of contract rent (from 59%).IPL is also lodging an offer of up to NZ$62.5m of subordinated convertible notes with a four-year term.

Investore Silverdale Acquisition And Convertible Note

<ul><li>Investore (IPL) has sold Woolworths Mount Roskill at a +11% premium to book value.</li><li>The transaction provides valuation support for IPL's portfolio (its Auckland assets, in particular, which represent 35% of value) and reduces gearing. </li><li>IPL is exploring options to recycle the capital into assets with better rental growth but given its balance sheet remains relatively full even after this transaction, further asset sales, even higher debt levels, and/or additional equity may be required. </li></ul>

Investore (IPL) has sold Woolworths Mount Roskill at a +11% premium to book value.The transaction provides valuation support for IPL's portfolio (its Auckland assets, in particular, which represent 35% of value) and reduces gearing. IPL is exploring options to recycle the capital into assets with better rental growth but given its balance sheet remains relatively full even after this transaction, further asset sales, even higher debt levels, and/or additional equity may be required. 

Investore - Not Your Average Everyday Discount

Thematic (Sector/Industry)

<ul><li>The NZ listed property sector has outperformed the broader NZ market, delivering a +6% outperformance versus a -4% decline in the broader market.</li><li>With asset values stabilizing and forward capital requirements modest, the use of dividend reinvestment plans (DRPs) is now less necessary, making share buybacks an attractive option.</li><li>The high yields in the property sector appear sustainable due to robust tenant demand, fixed rental increases, and reduced debt costs.</li></ul>

The NZ listed property sector has outperformed the broader NZ market, delivering a +6% outperformance versus a -4% decline in the broader market.With asset values stabilizing and forward capital requirements modest, the use of dividend reinvestment plans (DRPs) is now less necessary, making share buybacks an attractive option.The high yields in the property sector appear sustainable due to robust tenant demand, fixed rental increases, and reduced debt costs.

Real Estate Reflections Ahead at Halftime

<ul><li>After a soft few months, the listed-property sector had a strong May and is now flat year-to-date 2025, with reporting season generally positive despite increased vacancies in some areas.</li><li>Investment Boost policy is net positive for the property sector, offering tax deductions for newly completed structures, improving IRRs, and benefiting sector earnings.</li><li>Six property companies reported FY25 results with a stable outlook; however, the sector remains capital-constrained with gearing at or above target levels.</li></ul>

After a soft few months, the listed-property sector had a strong May and is now flat year-to-date 2025, with reporting season generally positive despite increased vacancies in some areas.Investment Boost policy is net positive for the property sector, offering tax deductions for newly completed structures, improving IRRs, and benefiting sector earnings.Six property companies reported FY25 results with a stable outlook; however, the sector remains capital-constrained with gearing at or above target levels.

New Zealand

Investore Property Limited operates as a real estate investment company. The Company invests in retail property assets. Investore Property also provides leasing services. Investore Property serves clients in New Zealand.

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Investore Property (IPL NZ)

Investore 1H26 Result Shopping With A Full Trolly

Investore’s (IPL) 1H26 result was largely as expected, with the key difference being higher maintenance capex as the company takes advantage of...

Forsyth Barr

Investore Silverdale Acquisition And Convertible Note

Investore (IPL) has announced the conditional acquisition of Silverdale Centre.If approved, Silverdale Centre would be IPL’s largest single asset...

Forsyth Barr

Investore - Not Your Average Everyday Discount

IPL is exploring options to recycle the capital into assets with better rental growth but given its balance sheet remains relatively full even...

Forsyth Barr

Real Estate Reflections Ahead at Halftime

The NZ listed property sector has outperformed the broader NZ market, delivering a +6% outperformance versus a -4% decline in the broader market.

Forsyth Barr

Real Estate Reflections On the Up

After a soft few months, the listed-property sector had a strong May and is now flat year-to-date 2025, with reporting season generally positive...

Forsyth Barr

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