New Zealand's Kiwi Property jumps on sale of flagship office tower

Kiwi Property

16/05/2024 02:09

** Shares of Kiwi Property  KPG.NZ  rise as much as 3.7% to
NZ$0.835, set for their best day since Mar. 28 - if gains hold 
    ** Stock hits highest level since Apr. 29 
    ** Real-estate firm says it has agreed to a conditional sale
of its flagship commercial tower Vero Centre in Auckland to a
Hong Kong-based conglomerate for NZ$458 mln ($281.12 mln)
    ** Says divestment backs co's strategy to focus on
retail-led mixed-use centres
    ** Stock has fallen 8% this year, as of last close


($1 = 1.6292 New Zealand dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))