Kiwi Property Group said on Tuesday that long-time director Mike Steur will retire from his position on the company’s board as of its AGM later this year.
Steur was appointed director of Kiwi Income Property Trust in January 2010, and kept this position when the business incorporated as Kiwi Property Group in October 2014.
“Mike has made an invaluable contribution to the board over the past 10 years,” said chairman Mark Ford.
“His experience, insight and commitment to robust corporate governance have added significant value to Kiwi Property and its shareholders. We wish him well in his future endeavours.”
The business has already appointed Steur’s successor, having brought on Simon Shakesheff as a director in November of 2019 as part of a succession plan.
Kiwi Property manages $3.3 billion worth of mixed-use, retail and office buildings across Aotearoa, such as LynnMall, Sylvia Park, The Plaza and Northlands.
The property group saw a 0.9 per cent increase in profit to $48.3 million during the first half of FY20, compared to the $47.9 million seen the year prior due asset sales reducing interest costs by 18 per cent.
According to Ford the sale of non-core assets resulted in lower rental revenue in the short term, though better positioned the portfolio moving forward.
“Over the past several years we have been actively rebalancing the composition of our property portfolio in favour of greater exposure to Auckland, the nation’s economic powerhouse,” Ford said.