NZ's Kiwi Property falls after terminating $272 mln property sale

Kiwi Property

02/08/2024 01:33

** Shares of Kiwi Property  KPG.NZ  fall as much as 6.1% to
NZ$0.85, their lowest since July 24
    ** Stock posts its biggest intraday pct fall since Aug 12,
2020
    ** The property firm says it has terminated the contract for
the conditional sale of the Vero Centre for NZ$458 mln ($271.69
mln)
    ** The purchaser, a Hong Kong-based conglomerate, failed to
meet key terms of the agreement, Kiwi Property says, without
naming the company
    ** Stock has risen 3.4% this year, as of last close

   ($1 = 1.6858 New Zealand dollars)

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