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.

According to Kiwi Income, the weighted average lease term to expiry for the Vero Centre would increase from 3.8 years to 5.1 years as a result of the new lease agreement.