AMP-NZ-Office-Trust - Commits To Top Building

AMP-NZ-Office-Trust - New Zealand Insurance Commits To Top Building

The AMP NZ Office Trust has successfully leased six floors of top Auckland building 151 Queen Street, to New Zealand Insurance (NZI) in a deal that includes full naming rights.

Six floors of the award winning building, easily recognisable by its striking architecture and distinctive colouring, have been leased until September 2009 for an undisclosed sum.

"We are delighted to have NZI as one of our key tenants in 151 Queen Street," said the AMP New Zealand Office Trust Executive Manager, Anthony Beverley

"We're looking forward to working in partnership with NZI to provide them with high quality accommodation at one of the best addresses in Auckland. We believe that the building's excellent location and high profile in the market, together with the ability to name the building, is very much consistent with NZI's brand," said Mr Beverley.

"This deal again confirms our belief that prime office buildings are a superior property investment. NZI's relocation to 151 Queen Street is another example of a growing number of tenants upgrading to high quality office accommodation. The Trust's portfolio of prime buildings is strongly positioned to suit major businesses like NZI because they offer superior efficiency, flexibility and profile, all at cost effective rents," said Mr Beverley.

The decision to move to 151 Queen Street follows an extensive review by NZI of location options within Auckland city. "We chose 151 Queen Street because it is a high profile central location that offers both quality and reasonable cost, and will provide a superior environment for staff and visiting customers", said NZI Chief Executive, George Berrie.

NZI moved into levels 10, 11, and 12 in June and will further occupy levels 13 and 15 from October. NZI will lease a sixth level from September 2003 bringing a total leased area in excess of 4,500 square metres. Over the coming months the Auckland city skyline and street level signage will change as NZI adds its name to the building which will now be known as NZI House.

The NZI leasing extends the weighted average lease term of the building and significantly reduces its current 2003 lease expiry profile. It also positions 151 Queen Street well as a prestigious address for other blue chip companies.

The AMP NZ Office Trust is New Zealand's premier listed office Trust, comprising six of New Zealand's largest and best commercial office buildings including the Coopers & Lybrand Tower in Auckland and the IBM Centre/Wellington Parkroyal in Wellington. Other features of the property portfolio include the high quality tenant base, 6.2 year weighted average lease term and 98% occupancy rate.

ENDS....

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