Kiwi Income Property may need to sell assets or raise equity to exit management contract

Fri, 02 Aug 2013

By Tina Morrison Aug 2 (BusinessDesk) – Kiwi Income Property Trust may need to sell assets or raise equity to reduce its debt gearing should a proposal to bring its management inhouse go ahead, according to Craigs Investment Partners research analyst Chris Byrne. The Trust, managed by a company owned by Commonwealth Bank of Australia, may have to pay the bank A$66 million or NZ$75 million to exit the contract and take management inhouse, according to a report in the Australian Financial Review. A payment of $60 million to $75 million to int...

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