Kermadec leases increase portfolio occupancy

Kermadec Property Fund said the occupancy of its portfolio will increase to 92% from 86% with two lease agreements at its largest property, the Finance Centre in Auckland.

The leases are with a restaurant operator and with a subsidiary of Progressive Enterprises.

The leases will have a positive impact on earnings from the second half of the financial year ended March 31, 2012, the company said without giving details.

Kermadec also said it has renewed its banking facility with ASB for a further four years.

NZPA

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