New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Kiwi Property (KPG) have announced the conditional sale of its Aurora Centre office asset in Wellington for NZ$143m.</li><li>FY23 reported gearing was 35.0% and at the top end of management's target range of 25%–35% but below its lowest covenant of 45%.</li><li>While KPG offers an attractive gross yield it remains in the early stages of a capital hungry strategic transformation refocussing its portfolio on its larger upper North Island assets, has a flat dividend growth outlook, and the outlook for retail spend is moderating. NEUTRAL.</li></ul>

Kiwi Property (KPG) have announced the conditional sale of its Aurora Centre office asset in Wellington for NZ$143m.FY23 reported gearing was 35.0% and at the top end of management's target range of 25%–35% but below its lowest covenant of 45%.While KPG offers an attractive gross yield it remains in the early stages of a capital hungry strategic transformation refocussing its portfolio on its larger upper North Island assets, has a flat dividend growth outlook, and the outlook for retail spend is moderating. NEUTRAL.

Kiwi Property

Kiwi Property: Sale of Aurora Centre