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Capital Prop. Announces New Leases In Novell House

28 January 2005

MEDIA RELEASE

Capital Properties announces new leases in Novell House, 89 The Terrace, Wellington.

Capital Properties New Zealand Limited announced today two recent leasing deals for 5,807 square metres of space securing 100% occupancy of Novell House.

When the new leases commence Novell House will be fully leased with an weighted average lease term of 6.6 years (currently 2.5 years).

The first deal is a new 9 year lease with Kensington Swan, Barristers & Solicitors for 2,232 square metres which will see them relocating from levels 2-6 to levels 7-9 and undertaking a new fitout. The new lease commences in September 2005 upon expiry of the existing lease.

The second deal is a new 12 year lease for 3,575 square metres of space being the old Kensington Swan space on levels 2-6, with commencement in March 2006. This deal is expected to go unconditional on 31 March 2005.

Novell House was built circa 1983 for Fletcher Challenge as its head office and comprises a 15 level office building with 1 level of basement car parking.

ENDS

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