Kiwi Property sells The Plaza for NZ$118.9m

Kiwi Property Group announced an unconditional agreement to sell The Plaza shopping centre in Palmerston North to NZ Retail Property Group (NZRPG) for NZ$118.9 million. This sale price is 0.9% below the held for sale value reported in the FY26 interim results. The transaction is expected to conclude before the end of 2025, at which point ownership and management will transfer to NZRPG.

This divestment aligns with Kiwi Property's capital recycling strategy, aimed at enhancing balance sheet flexibility and reinvesting proceeds into its mixed-use development pipeline. The Plaza, being a regional retail asset outside the Golden Triangle, is no longer central to the company’s long-term strategy.

Following the sales of The Plaza and Sylvia Park Lifestyle, Kiwi Property’s pro forma gearing is projected to be 35.2% based on September 2025 figures.