Kiwi Income Property Trust Announces New Lease

Kiwi Income Property Trust Announces New Lease With Vero

Kiwi Income Property Trust is pleased to announce a new nine year lease agreement with Vero Insurance New Zealand Limited for 9,607m² in the Trust’s flagship office asset, the Vero Centre in Auckland.

The new nine year lease is for seven and a half levels, representing almost a quarter of the building’s rentable area. The lease has a commencement date of 1 April 2009 and includes naming rights, storage areas and associated car parking spaces in addition to the office areas. Vero has been the building’s largest tenant with naming rights since the building’s completion in December 1999, occupying space over nine and a half levels. The weighted average lease term to expiry for the Vero Centre will increase from 3.8 years to 5.1 years as a result of the new lease agreement.

Chris Gudgeon, Chief Executive of the Manager of the Trust said, “Vero Insurance’s commitment to the centre for this extended term is testament to the quality of the building and to the strong relationship that has existed between the Trust and Vero since the building’s construction.”

Roger Bell, Chief Executive of Vero Insurance NZ Limited, said “When looking at our future accommodation needs, Vero considered a range of options. This building has won awards for its design and efficiency and continues to work very well for us as a business. A good working relationship with the building owner is also important and was a key factor in our decision to enter into the new lease agreement with Kiwi Income Property Trust.”
Earlier this year, Vero Insurance won Gold - World Class level, in the 2008 NZ Business Excellence Foundation Business Excellence Awards in recognition of its demonstration of international best practice throughout all aspects of its business operations.

ENDS

© Scoop Media