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New CIGNA lease in majestic centre

25 November 2004

New CIGNA lease in majestic centre unconditional

Kiwi Income Property Trust advised today that the CIGNA Life Insurance NZ Limited lease in the Trust’s landmark Wellington office building, The Majestic Centre, is now unconditional. CIGNA, a new tenant to the building, will lease 1,670m2 on three levels from 1 April 2005 for a period of nine years.

CIGNA will occupy 900m2 on level 25, which becomes vacant when Oracle New Zealand ’s lease expires on 31 December 2004 , and 770m2 in the Centre’s two podium levels.

Commercial Portfolio Manager for the Manager of the Trust, Jon Lesquereux, said the new lease to CIGNA included underutilised space on two podium levels and would complement the current refurbishment of the lobby.

Over the last month the Trust has also secured a new lease with Opus International Consultants over four levels. Opus, who have been tenants in the building since 1993, have taken a new nine-year lease over their existing space of 3,860m2, with effect from 1 January 2006. With the renewal of the Opus lease and the signing of CIGNA, the building’s weighted average lease term will increase by 2.2 years.

Following the signing of the CIGNA lease, and that of New Zealand Trade & Enterprise in October, only Level 20 and a small area on level 8 remain available to lease. Mr Lesquereux said recent leasing activity had substantially improved the lease profile of the building and that there was strong interest in the remaining space.

Other major tenants in the Centre include Ernst & Young, IBM, and the Embassy of Japan.

ENDS

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