Analysts laud mall purchase

LynnMall shopping centre in New Lynn

Kiwi Income Property Trust's $174 million LynnMall purchase yesterday has drawn praise. Buffy Gill, Goldman Sachs analyst, said buying the Auckland mall at this time of the economic cycle was a good move.

"It takes advantage of low gearing levels which the trust is currently enjoying and therefore looks opportune. It also may have taken advantage of a somewhat distressed and highly geared seller," she said, referring to AMP Capital Property Portfolio.