The overall value of Kiwi Property Group's portfolio has risen by $57 million in the past year, largely due to the strength of Auckland's property market.
Auckland CBD from Mt Eden Photo: RNZ / Diego Opatowski
The 2.6 percent increase values the commercial property investor's portfolio at $2.28 billion at the end of March.
Kiwi Property chief executive Chris Gudgeon said the result had been influenced by many positive factors.
This included high occupancy rates at market rents, stronger retail sales at its malls, a general strengthening of the property market, favourable global interest rates, a strong demand from overseas investors and a reduction in insurance rates.
The overall increase was mostly due to a $30 million rise in the value of its Sylvia Park shopping centre and a $22 million boost in the value of its Vero Centre in Auckland.
On the downside, the value of Wellington's Majestic Centre had fallen 26 percent reflecting provision for earthquake strengthening and remedial work.
The total value of its retail portfolio was up 3.9 percent to $1.53 billion, while the office portfolio was down 0.6 percent to $673 million.
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