It has been learnt that a new lease agreement has been reached by Kiwi Income Property Trust with Vero Insurance for around a quarter of the trust's flagship office asset, the Vero Centre in Auckland.
It was today confirmed by Kiwi Income that the nine-year lease was for 7-1/2 levels, about 9600sq m, and included naming rights, storage areas and associated car parking spaces as well as the office areas.
The largest tenant of the building since its completion in December 1999 had been Vero, which acquired space over 9-1/2 levels.
A study has discovered that Canberra is included among the places having the lowest levels of property discounting in the country.
Units in Melbourne, Brisbane, Adelaide and Perth were discounted on average by more than 6% in the year to February 2009.
Property analyst Cameron Kusher feels that Canberra had the lowest levels of vendor discounting of units of any capital city, at 3.6 per cent.
Another $100 million has been earmarked in property sales by ING Property Trust with the aim to cut debt and remain financially strong.
In the year to March, contributing to a loss of $63.1 million; revaluations shaved $90 million off its property portfolio.
The company made a $71.1 million profit last year.
Apart from revaluations, due to higher rents gross earnings increased by 3% to $77.5 million.
Quite a tough year was witnessed by Kermadec Property Fund today, as the listed property company experienced a net loss after tax of $11.93 million for the year to 31 March 2009.
NZ $12.93 million in value was lost by the company’s property portfolio, with a further $5.50 million in unrealised loss slipped from its grasp from interest rate swaps.
It has been put forward by the full year results out from Goodman Property Trust that in spite of a decline in portfolio value, it was successful in meeting its earnings target for the financial year ending 31 March 2009.
The value of the trust’s after tax distributable profit arrived at $83.8 million, with an annual cash distribution up 1% on the previous year at ten cents per unit.
It should be noted that this is more from $68.7 million last year, including the full year impact of the Trust’s investment in the Highbrook Development.
In a representative hearing, which will decide the fate of investors in three apartment buildings, saw retired Aucklander Peggy Whyte becoming the first Blue Chip investor to take the stand.
It should be noted that of 34 inventors who have targeted three property development companies Greenstone Barclay Trustees, Turn and Wave and Icon Central in a court case that is likely to last six weeks, Mrs. Whyte is also one of them.