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10/11/2025, 08:30 NZDT, GENERAL
Kiwi Property has entered right into a conditional settlement to promote the property at 393 Mt Wellington Highway, Auckland, referred to as Sylvia Park Lifestyle (“SPL”) to a brand new large-format retail fund to be established by Mackersy Property Limited (the “Mackersy LFR Fund”) for $90 million, equal to the 31 March 2025 valuation. SPL is the large-format retail (“LFR”) web site adjoining to the Sylvia Park purchasing centre. Further element on the phrases of the sale is ready out on the finish of this announcement.
Mackersy Property Limited (Mackersy) would be the Manager of, and the issuer of models in, the Mackersy LFR Fund. On institution of the Mackersy LFR Fund, Kiwi Property will subscribe for 50% of the models within the fund as half consideration for the sale of SPL to the fund. Kiwi Property may also underwrite an extra 25% of the models within the fund. Kiwi Property will proceed to undertake property administration and leasing in respect of SPL and can obtain a price for endeavor these providers.
It is the intention of each Mackersy and Kiwi Property that the LFR Fund will proceed to develop over time, and can look to amass appropriate LFR belongings for this function.
Kiwi Property invested in Mackersy by the use of a convertible mortgage in November 2024, and on completion, Kiwi Property expects to personal 50% of Mackersy, with the opposite 50% owned by the prevailing shareholders of Mackersy, being workers or former workers of Mackersy (or entities related to these individuals). The events are focusing on a conversion of the Kiwi Property mortgage to fairness in Mackersy on or round 1 December 2025.
Kiwi Property’s CEO, Clive Mackenzie, mentioned: “The sale of Sylvia Park Lifestyle into this new LFR Fund demonstrates the benefit of our investment in Mackersy, which provides a new source of capital to support our strategic objectives. Proceeds from the transaction will be used to fund some of the company’s development projects and provide further balance sheet flexibility.”
Mackenzie added, “By retaining a significant stake in the LFR Fund, we can continue to leverage our retail management and leasing capabilities to drive the performance of the asset on behalf of both Kiwi Property and LFR Fund investors, while releasing capital to reinvest in our strategic mixed-use assets. The LFR Fund may also provide a source of capital for future LFR developments at existing Kiwi Property sites.”
Hamish Wilton, Mackersy’s CEO, commented: “We are pleased to be creating a new fund for wholesale investors to have the opportunity to invest in large format retail, a class of assets which tends to be resilient in all market conditions, and which is entering a new phase of renewed momentum, driven by monetary easing and investor confidence. Our valued relationship with Kiwi Property has meant we have been able to secure Sylvia Park Lifestyle as the initial seed asset for the fund.”
KEY TERMS OF SPL SALE
The key phrases of the sale of SPL to the Mackersy LFR Fund and the institution of the Fund are set out under.
Sale value for SPL:
$90 million
Condition on the market of SPL:
Capital increase by the Mackersy LFR Fund, anticipated to be happy by 19 December 2025 (which can change by settlement between the events)
Expected settlement date if situation is happy:
Settlement is anticipated shortly after the situation is happy, presently anticipated to happen the primary quarter of 2026
Consideration on the market of SPL:
A mixture of money and 50% of the models within the Mackersy LFR Fund as consideration for the sale of SPL. Kiwi Property may also underwrite an extra 25% of the models within the fund. This will lead to Kiwi Property proudly owning between 50% and 75% of the models within the fund on institution, and receiving between $52.9 million and $65.3 million money in consideration for the sale of SPL to the fund, relying on the extent of fairness underwrite required.
ENDS
For additional info:
Fraser Gunn
Head of Corporate Finance and Investor Relations
[email protected]
+64 21 973 534
About Kiwi Property:
Kiwi Property (NZX: KPG) is likely one of the largest listed property corporations on the New Zealand Stock Exchange and is a member of the S&P/NZX 20 Index. We have been round for over 30 years and proudly personal and handle a big actual property portfolio comprising a few of New Zealand’s finest mixed-use, retail and workplace buildings. Our goal is to offer buyers with a dependable funding in New Zealand property by the possession and energetic administration of a diversified, high-quality portfolio. Kiwi Property is licensed below the Real Estate Agents Act 2008. To discover out extra, go to our web site, kp.co.nz
About Mackersy:
Mackersy Property is a New Zealand-based industrial property funding and administration agency with workplaces in Queenstown, Christchurch, Dunedin, Tauranga, and Hamilton. The agency has belongings below administration of $2.2 billion and manages a diversified portfolio of economic properties throughout New Zealand on behalf of wholesale buyers. Mackersy would be the Offeror below the supply of models within the Mackersy LFR Fund and can handle the Mackersy LFR Fund. Further details about Mackersy will be discovered on its web site.
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