NPT Limited Purchases Auckland Property for $32.85 Million

NPT Limited Purchases Auckland Property for $32.85 Million

NPT Limited (NPT) today announced the unconditional purchase of The Roskill Centre in Mt Roskill, Auckland for $32.85 million. Settlement will be on 16 October 2013.

Completed earlier this year and built to new seismic standards, The Roskill Centre is located at 22 Stoddard Road, Mt Roskill, Auckland. With occupancy at 100%, the Centre has three major tenants – The Warehouse, ANZ Bank and Westpac – together with 17 speciality retail spaces and 335 car parks.

The Roskill Centre’s net annual rental income is $2,314,404; initial yield is 7.05%. The Centre’s weighted average lease term (WALT) is 8.25 years at 25 September 2013. This increases NPT’s total property portfolio WALT from 5.7 years to 6.3 years at 25 September 2013. This acquisition will be funded by the Company’s debt facility with the Bank of New Zealand.

NPT’s Managing Director, Kerry Hitchcock, says: “The Roskill Centre is a strategic purchase for NPT as we work to re-balance the property portfolio with the focus in Auckland. It has full occupancy with excellent tenants. The leases are well structured for growth with indexed rent reviews. The location of a New World supermarket and McDonalds restaurant adjacent to the Roskill Centre will bring additional foot traffic to the Centre’s retailers and complements the Centre’s community based retail offerings. The Roskill Centre is superbly located on major roading and transport metro-links, in a strong growth area.”

ENDS

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