May 2026
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Largest Real Estate Development Public Companies in New Zealand
Benchmark revenue and EBITDA valuation multiples for public comps like
Goodman New Zealand, Kiwi Property Group, Winton Land, Investore Property and CDL Inv New Zealand.
 | Goodman New Zealand Ltd and Goodman Property Services Ltd, formerly known as Goodman Property Trust, is one of New Zealand's property trusts, with a portfolio composed of industrial estates, businesses, and a development bank. After selling its Christchurch assets, Goodman is 100% Auckland-centric. The focus over the next few years will be on selling lower-quality assets and redeploying capital to industrial property in strategically important locations. The investment is premised on management's view that industrial assets in premium locations will generate superior long-term returns from lower average vacancy and higher rent growth. | $1 | -- | $2B | $2B | 13.9x | (5.8x) | ||
| Kiwi Property Group Ltd is a New Zealand-based company involved in the real estate business. It owns and manages a high-quality real estate portfolio, including some of the country’s commercial properties. Its retail-led mixed-use assets feature large landholdings and are strategically positioned in areas marked for significant densification, close to transport nodes. The company's operating segments include Mixed-use, Retail, Office, and Other. It generates maximum revenue from the Mixed-use segment. | $1 | +9% | $930M | $2B | 11.0x | 18.6x | ||
| Winton Land Ltd is a privately owned developer with projects in New Zealand and Australia. It specializes in developing integrated and fully master-planned communities. The company has a portfolio of several residential lots, dwellings, apartment units, and retirement village units. The company has three reportable segments, which are Residential development, Retirement villages, and Commercial portfolio, and the company generates the majority of its revenue from residential development. | $1 | -11% | $308M | $383M | 5.0x | 28.3x | ||
| Investore Property Ltd is a commercial property ownership business that has been established to invest in quality Large Format Retail property assets. Its Large Format Retail includes single-story or low-level properties comprising retail shops and outlets and car parking areas. The group is reported to have a single operating segment, being large format retail properties. The company derives revenue from Rental income. | $1 | -6% | $234M | $481M | 10.6x | 12.1x | ||
| CDL Investments New Zealand Ltd is engaged in land-based investment and development. The principal activity of the company is the development and sale of residential land properties. The operating segments of the Group consist of property operations, comprising the development and sale of residential land sections and rental income from development properties and investment properties. All revenues are derived in New Zealand. | $0 | -21% | $111M | $93M | 4.1x | 9.7x | ||
| Median | $1 | -9% | $308M | $481M | 10.6x | 12.1x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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