By ANNE GIBSON
A leading Australian funds company has taken over the management of one of New Zealand's largest listed property trusts.
Colonial First State Property, which manages $A13 billion ($15.9 billion) worth of property here and in Australia, said yesterday that it had bought Kiwi Income Properties - the management
company of real estate conglomerate Kiwi Income Property Trust.
The trust has $877 million worth of real estate and owns New Zealand's tallest office tower.
Colonial is part of Colonial First State Group, owned by the Commonwealth Bank of Australia, which also owns ASB Bank and the Sovereign Group.
Kiwi's management company was previously 50 per cent-owned by Sydney-headquartered diversified property group Lend Lease, 25 per cent by Richard Didsbury and Ross Green, who established Kiwi, and 25 per cent by Canadian interests.
Kiwi's assets include the 41-level Royal & SunAlliance Centre and the National Bank Centre in central Auckland and Wellington's Majestic Centre.
The management company is responsible for administration, property selection and analysis, general accounting support, liaison with unit holders, management of property and negotiation of buying and selling real estate.
The trust pays Kiwi Income Properties a lucrative fee for this.
Colonial already has a presence here through a Wellington listed trust also called Colonial First State Property, which has $250 million worth of real estate. Colonial also owns the management company for Newmarket Property Trust.
Colonial general manager Geoff McWilliam said he planned to keep Kiwi's management company on much the same track as before, but hoped to acquire more property.
