Kiwi Property bolsters balance sheet with Plaza sale, extends Sylvia Park deal

Kiwi Property confirmed the settlement of The Plaza for NZD118.9 million on December 12, 2025, following its unconditional sale announcement on November 27, 2025. This transaction is expected to strengthen the company's balance sheet, aligning with its strategy to reinvest capital into key mixed-use assets. Post-settlement, Kiwi Property's pro forma gearing is projected to reduce to 36.3%, based on September 2025 figures.

The company also provided an update on the sale of Sylvia Park Lifestyle to the Mackersy LFR Fund. The original sale and purchase agreement, announced on November 10, 2025, for NZD90 million, has seen its capital raising condition satisfaction date extended to March 18, 2026. This extension allows additional time to raise capital, with settlement now anticipated in the first quarter of 2026.

Upon the successful completion of the Sylvia Park Lifestyle transaction, Kiwi Property's pro forma gearing is expected to further decrease to 35.2%, based on September 2025 figures. This projection assumes Kiwi Property acquires a 50% stake in the Mackersy LFR Fund as partial consideration and provides an additional 25% equity underwrite upon establishment.