Sharechat Logo

Kermadec says leasing deals increase occupancy

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.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

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