Thursday 3rd February 2011
|Text too small?|
Kermadec Property Fund said recent leasing deals will increase the occupancy level in its buildings from a low of 86 percent back up to 92% and will have a positive impact on earnings in the second half of the 2012 financial year.
The listed property fund made the comment in a presentation to investors organised by Forsyth Barr.
The fund has a new 12 year lease with a subsidiary of Woolworths Australia for a new 2100sq m Countdown Metro supermarket and a new eight year lease with a restaurant operator for a development covering 650sq m.
"2011 has started with a noticeable pick-up in leasing enquiry," the company said.
It still has $14 million of assets it regards as non-core, which it intends to divest in due course. The company's core property portfolio is worth $85 million.
Kermadec said the property market remains challenging, but the developments in the leasing market pointed to a recovery and it was widely accepted that property valuations were now at the bottom of the cycle.
No comments yet
Property for Industry Limited (NZX: PFI) Strong Valuation Outcome, Penrose Acquisition
3rd December 2021 Morning Report
Fonterra Shareholders Fund (NZX: FSF) Fonterra provides Milk Price, earnings and Q1 update
Kiwi Property Group Limited (NZX: KPG) Signs Sale and Purchase Agreement with IKEA
2nd December 2021 Morning Report
The New Zealand Refining Company Limited (NZX: NZR) Launches Share Purchase Plan
Seeka Limited (NZX: SEK) Confirms Market Guidance
Australia and New Zealand Banking Group Limited (NZX: ANZ) Acknowledges Class Action Proceedings
1st December 2021 Morning Report
Livestock Improvement Corporation Limited (NZX: LIC) Appoints New Chief Executive