Kiwi Income’s Ford says buying management contract won’t stretch finances

Mon, 11 Nov 2013

Nov. 11 (BusinessDesk) – Mark Ford, independent chairman of Kiwi Income Property Trust’s manager, says a plan to internalise the management contract at a cost of about $70.6 million won’t put the property investor’s balance sheet under pressure. The trust’s gearing may rise to 38 percent on settlement from 34 percent in the first half, though it will reduce again on receipt of the first $47.5 million payment in the sale of its 205 Queen Street building. That sale, to Brisbane-based Bloomberg Inc, was announced last month. The trust announced...

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