Kermadec says leasing deals increase occupancy

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.

NZPA

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
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.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Delegat Group Limited (NZX: DGL) $333 million syndicated bank facilities
7th December 2021 Morning Report
Sky Network Television Limited (NZX: SKY) Transformation accelerates - Sky raises FY22 guidance
PGG Wrightson Limited (NZX: PGW) FY22 Operating EBITDA forecast to better last year
Vulcan Steel Limited (NZX: VSL) Trading Update & Earnings Upgrade
6th December 2021 Morning Report
Synlait Milk Limited (NZX: SML) Partnership to enhance soil health; test regen ag practices
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