Improved Weighted Average Lease Term for NPT Limited

21 August 2012

Improved Weighted Average Lease Term for NPT Limited

WALT now 5.5 years

NPT Limited has announced an increased weighted average lease term (WALT) to 5.5 years across its property portfolio (excluding the recently sold 342 Lambton Quay, Wellington); an increase from the March 2012 WALT figure of 3.4 years.

Kerry Hitchcock NPT’s acting chief executive says,” This is a very good result for NPT and its shareholders to have this increase in the company’s weighted average lease term. This figure reflects the hard work that our leasing team has put in over the past 18 months.”

“Contributing significantly to NPT’s increased WALT has been the signing of an extended lease to 2027 for the company‘s Hastings warehouse leased to Heinz Wattie’s. At 50,000m2, the Heinz Wattie’s National Distribution Centre is one of the largest stand-alone warehousing facilities in New Zealand. We have worked closely with Heinz Wattie’s over the past three years to rationalise and extend the spaces to suit Heinz Wattie’s requirements.”

Eastgate Shopping Centre, NPT’s largest Christchurch property, received its CERA certification in April. Since then, the Centre has seen a steady stream of lease enquiries. Lincraft, the Australian craft, fabric and home furnishing store has now signed an eight year lease for a 1,500m2 space; record store, Penny Lane, opened its doors in late May. NPT is working closely with a number of other retailers keen to be located at Eastgate.

Mr Hitchcock says, “Over the last few months NPT has undertaken a property management restructure; in July the management contract for our Christchurch retail properties (Eastgate and the Avonhead Shopping Centre) was signed with Jones Lang La Salle after an extensive search process.”

“NPT is very pleased with the progress in leasing new spaces to achieve this increased WALT. This, together with the cost-efficiencies achieved during that period, has put the company in a strong position for the future.” says Mr Hitchcock.

NPT Limited is an NZX-listed company (NPT). It has a diversified portfolio of retail, commercial and industrial properties located in Auckland, Hawke’s Bay, Wellington and Christchurch.

Key Facts about NPT Limited
• NPT Limited is listed on the NZX; its code is NPT.
• The board comprises Sir John Anderson (chairman), Kerry Hitchcock, Jim Sherwin, Tony McNeil and David Cushing. Its AGM is to be held on Wednesday, 22 August in Wellington.
• The acting chief executive officer is director Kerry Hitchcock; chief financial officer is Marshall Maine.
• NPT has a diversified portfolio of retail, commercial and industrial properties located in Auckland, Hawke’s Bay, Wellington and Christchurch.

www.npt.co.nz

ENDS

© Scoop Media