Kiwi Income Property Trust is to be converted from a unit trust into a listed company, Kiwi Property Group, trading as Kiwi Property.

The decision was overwhelmingly approved by unit holders.

The board will comprise the same directors as the board of the current manager of the trust.

Unit holders will become shareholders in Kiwi Property, with their units redeemed in exchange for shares.

Unit holders will receive one share in Kiwi Property for each unit they hold on the record date for redemption of units.

Corporatisation is to be completed on December 22, 2014.

“In the past 12 months, our investors have supported us through two major changes to our structure, including the internalisation of our management and, now, corporatisation. These initiatives will create long term cost savings and investment value,” Mark Ford, Kiwi Income Property Trust chairman, said.

“Our corporatisation will allow us to refresh our corporate brand, and we look forward to unveiling our new look in the very near future.”

“Our objective hasn’t changed however – we remain committed to providing our shareholders with a reliable investment in New Zealand property, and we will continue to target superior risk-adjusted returns over time through the ownership and active management of a diversified, high-quality portfolio.”