Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Trust Acquires Balance Of National Bank Centre


1 November 2006

Trust Acquires Balance Of National Bank Centre

Kiwi Income Property Trust announced today that it has exercised its pre-emptive right and unconditionally acquired the remaining 50% of the National Bank Centre in Auckland for $55.6 million.

The 26,146m2 building, completed in 1990, comprises two office towers, prominent ground floor retail premises, and basement carparking. The building is co-owned by AMP Property Portfolio Investments Limited (APPIL). The pre-emptive right held by the Trust to purchase the remaining 50% was triggered by an offer for APPIL’s share by an Australian investor. The acquisition price represents a market yield of 8.0%, and will be debt funded, with settlement in November 2006.

ANZ National Bank occupies approximately 42% of the office space, with leases until 2011. The retail component of the building accounts for approximately 30% of the building’s rental income and includes high profile retail space on one of Auckland’s busiest pedestrian corners.

Chief Executive of the Manager of the Trust, Angus McNaughton said that owning 100% of the building will provide the Trust with complete control over the management of the building.

“The quality ‘A’ grade building is well located, with good rental growth, a level of under-renting, and future opportunities to add value through a retail remix. The Auckland office market is extremely robust, with strong rental growth and firming yields. Opportunities to purchase a building of this calibre in a very competitive marketplace are limited,” Mr McNaughton said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


ScoopPro: Helping The Education Sector Get More Out Of Scoop

The ScoopPro professional license includes a suite of useful information tools for professional users of Scoop including some specifically for those in the education sector to make your Scoop experience better. More>>

Big Tax Bill Due: Destiny Church Charities Deregistered

The independent Charities Registration Board has decided to remove Destiny International Trust and Te Hahi o Nga Matamua Holdings Limited from the Charities Register on 20 December 2017 because of the charities’ persistent failure to meet their annual return obligations. More>>

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>


Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>


Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>


  • Bill Bennett on Tech