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Highlights
- ASB predicts New Zealand’s housing shortfall to ease in about 12 months.
- Investore Property confirms to pay an FY22 dividend of 7.90 cps.
- Precinct Properties New Zealand annuls its existing constitution, adopts a new one.
ASB Bank Limited, one of the leading banks in New Zealand, has recently forecasted that the country's housing shortage would be solved in coming year.
It said that the housing shortfall would probably shift from shortfall to surplus by 2023.
On 9 November, Megan Woods, NZ’s Housing Minister, stated that due to the Government’s further fund allocations towards the housing sector, she expected 1260 new houses to be built to help deal with Auckland's scarcity of 25K houses.
In lieu of this, Auckland suburbs of Northcote, Mt Roskill, etc., would receive NZ$282 million for funding for the regions’ roads and other related housing infrastructure.
With this backdrop, let us take a look at the five NZX-listed REIT stocks worth looking at this month.
Image source: © 2021 Kalkine Media New Zealand Ltd, data source- EODHD/Others
Investore Property Limited (NZX:IPL)
Investore Property Limited is engaged in the commercial property business across New Zealand. The Company paid a Q1 FY22 dividend of 1.975 cps in September 2021.
The Board has confirmed that in line with its dividend policy, IPL is aiming to pay a cash dividend of 7.90 cps for FY22.
On 12 November, at the market close, Investore Property gained 1.08% at NZ$1.880.
Related Read: 4 NZX Dividend Stocks From Real Estate Sector- ARG, PCT, IPL, KPG
Precinct Properties New Zealand Limited (NZX:PCT)
One of the largest real estate developers in regions of Auckland and Wellington are Precinct Properties New Zealand Limited. In its recently held Annual Meeting, the Company passed many resolutions.
One of them was authorising its Board to determine its auditor, Ernst & Young’s fees, among various other resolutions.
Moreover, a special resolution was passed to cancel its existing constitution and adopt a new one.
On 12 November, at the market close, Precinct Properties New Zealand climbed 0.63% at NZ$1.590.
Interesting Read: Are these 5 NZX mid-cap aiming to become large-cap stocks?
Argosy Property Limited (NZX:ARG)
Next is Argosy Property Limited, whose portfolio consists of retail, office, and industrial properties. On 23 November, it will unveil its 1H22 results ended 30 September 2021.
Also, a webcast and a conference call related to the same would be held.
On 12 November, at the market close, Argosy Property fell by 1.33% at NZ$1.480.
Do Read: How are 5 NZX REIT stocks faring amid Government’s housing boost?
Kiwi Property Group Limited (NZX:KPG)
Kiwi Property Group Limited has been operating in the NZ real estate space for more than 25 years. A few days ago, the Group disclosed that its GM, People and Communications, Kylie Eagle, had sought a departure from KPG in pursuit of another career opportunity.
She will be stepping down from her position on 3 December.
On 12 November, at the market close, Kiwi Property Group traded flat at NZ$1.145.
Related Read: 5 NZX REIT stocks amid RBNZ’s tightened LVR restrictions
Asset Plus Limited (NZX:APL)
Asset Plus Limited manages numerous industrial and commercial building projects across major cities of the country. Of late, it revealed that the settlement of the sale of its Eastgate Shopping Centre would occur on 1 April 2022.
Further, due to the lockdown in Auckland, there has been a slight delay in construction activities of Munroe Lane, and its target completion date has been extended.
On 12 November, at the market close, Asset Plus remained unchanged at NZ$0.330.
Bottom Line
The NZ Government is making all efforts to ease the housing crisis prevailing in the country and is allocating requisite funds for the same.