Kiwi to mount buy-back

Kiwi Income Property Trust is to buy back up to 20 million of its units in the next 12 months.

The buy-back was announced yesterday by trust manager Kiwi Income Properties, which is wholly owned by Colonial First State Global Asset Management.

Colonial head of property Darren Steinberg said the trust manager had determined there may be opportunities for the trust to buy units at prices which would enhance value for unit holders.

That was due to volatility in global financial markets and the adverse impact of recently announced changes in tax legislation, Steinberg said.

- NZPA