New 12-year lease to Suncorp New Zealand

Kiwi Property is pleased to announce that it has entered into a Heads of Agreement with Suncorp Group Holdings (NZ) Limited, for a new 12-year lease at the Vero Centre, Auckland. Suncorp New Zealand, through its Vero and Asteron Life brands, has been a major tenant in the tower, with naming rights, since its opening in 2001. Kiwi Property Chief Executive, Chris Gudgeon, said: "The new Suncorp New Zealand lease is testament to the Vero Centre's continuing position as one of New Zealand's premier business addresses. "The lease improves the building's weighted average lease term to seven years, and locks in a long-term secure income stream for our investors. As a result of the agreement, our office portfolio now enjoys a weighted average lease term of 10.4 years," said Mr Gudgeon. The agreement provides for Suncorp New Zealand to reduce its footprint within the Vero Centre from 9,214 sqm to 5,991 sqm, as it redesigns its workspaces to accommodate an activity-based working environment. The agreement includes two rights of renewal of three years each. Suncorp New Zealand CEO, Paul Smeaton, said he was delighted to have signed on for another 12 years at the Vero Centre. "At Suncorp New Zealand, we aim to provide a workplace that stimulates our people to thrive in their work. Working with Kiwi Property, we will create an environment that everyone is proud to be a part of." > Ends CONTACT US FOR FURTHER INFORMATION Chris Gudgeon Chief Executive chris.gudgeon@kp.co.nz +64 9 359 4011 mobile +64 21 855 907 Mathew Chandler Investor Relations and Communications Manager mathew@acumentum.com.au +61 458 110 042 direct +61 2 9519 5850 ABOUT US Kiwi Property (NZX: KPG) is the largest listed property company on the New Zealand Stock Exchange and is a member of the NZX15 Index. We've been around for more than 20 years and we proudly own and manage a $2.9 billion portfolio of real estate, comprising some of New Zealand's best shopping centres and prime office buildings. Our objective is to provide investors with a reliable investment in New Zealand property by targeting superior risk-adjusted returns over time through the ownership and active management of a diversified, high-quality portfolio. Kiwi Property is licensed under the Real Estate Agents Act 2008. To find out more, visit our website kp.co.nz End CA:00293484 For:KPG Type:GENERAL Time:2016-11-29 11:59:20