NPT Limited today reported an increase of $8.15 million in its property
portfolio valuation for the six months ended 30 September 2012, a rise of
6.9% over that period. The listed property company''s portfolio of retail,
commercial and industrial property was valued at $126.30 million, up from
$118.15 million as at 31 March 2012. During this period, capital expenditure
of $0.99 million was incurred.
Kerry Hitchcock NPT''s chief executive says, "The 6.9% gain in NPT''s portfolio
over the last six months is very positive news for the company. After a
challenging 2011-2012, these property valuations reflect the hard work from
NPT''s team over the past six months. Leasing activity is strong and we
continue to seek cost-efficiencies."
Christchurch''s Eastgate Shopping Centre has risen in value 14.9% in the six
month period from $35.50 million to $40.80 million; an increase of $5.3
million. Since April, when Eastgate received its positive CERA certification
after the 2011 earthquakes, Eastgate has experienced a significant increase
in leasing enquiries and rental activity. Lincraft, the Australian fabric
craft and home furnishing store has signed an eight year lease for a 1500m2
space and will open in mid-November. Number One Shoes has a new lease for
some of the Centre''s newly reconfigured ground floor space. More leases are
in the pipeline at Eastgate.
Heinz Wattie''s National Distribution Centre, located by Hastings'' proposed
food hub, continues to provide a good return for shareholders, says Mr
Hitchcock. The property''s value increased from $24.75 million in March to
$27.0 million, a rise of $2.25 million (9.1%) over the last six months. This
figure reflects the 15 year lease renewal that was signed in May with Heinz
The valuation at Print Place in Middleton, Christchurch has risen from $12.5
million to $12.70 million at 30 September 2012. This increase has been driven
by a strong demand for well-placed industrial property, resulting in
favourable rent reviews.
The AA Centre in Auckland''s Albert Street has risen in value $0.7 million
(2.5%) from $28.50 million at 31 March to $29.20 million at 30 September
2012. A three year lease renewal for the Department of Internal Affairs and a
new six year lease with AA Insurance has contributed to this increase.
Christchurch''s Natcoll House continues to be the subject of a material damage
insurance claim from the 2011 earthquakes; negotiations continue with the
company''s insurers. This property''s valuation remains at the current book
value of $12 million.
The portfolio valuation excludes NPT''s former Wellington property at 342
Lambton Quay, which was sold on 18 September to Robt. Jones Holdings Limited.
"As we predicted six months ago, NPT is experiencing positive growth in its
property portfolio with a number of leases locked down. With the healthy
leasing activity at Eastgate, we''re pleased to see the commitment of
retailers to the centre. The increase in the portfolio valuation is very
pleasing, and NPT is well positioned for future acquisition and growth," says
NPT Limited is an NZX-listed company (NPT). It has a diversified portfolio of
retail, commercial and industrial properties located in Auckland, Hawke''s Bay
Attachments: Kerry Hitchcock.jpg
For more information, please contact:
Kerry Hitchcock T 04 471 6684
Chief Executive Officer M 021 937 688
NPT Limited E email@example.com
Key Facts about NPT Limited
o NPT Limited is an NZX-listed company; its code is NPT.
o The board comprises Sir John Anderson (chairman), Kerry Hitchcock, Jim
Sherwin, Tony McNeil and David Cushing.
o The chief executive officer is director Kerry Hitchcock; the chief
financial officer is Marshall Maine.
o NPT has a diversified portfolio of retail, commercial and industrial
properties located in Auckland, Hawke''s Bay and Christchurch.
End CA:00228436 For:NPT Type:GENERAL Time:2012-10-15 10:40:40