AMP NZ Office Trust achieves leasing, cost-management successes in new Wellington acquisitionsOctober 12, 2004 AMP NZ Office Trust (ANZO) has achieved significant leasing success and operating cost-savings in Wellington’s State Insurance Tower and Mobil on the Park, the two landmark office properties which it acquired in July this year for $146 million. New Zealand’s largest listed investor in commercial office property, ANZO bought the two properties with the expectation of improving future earnings and distributions to investors. ANZO’s strategy was to utilise its market position and its asset management capabilities to improve returns by leasing vacant space, to capture rental growth in the favourable Wellington market and to capture cost savings by operating the buildings more efficiently. ANZO executive manager Robert Lang said the strategic objectives are being met: the new leases are for terms that extend the weighted average lease terms (WALT) of the buildings. The rents also reflect growth currently being achieved in the market and set a positive precedent for future transactions. Lower building operating costs will improve the net income received by ANZO and reduce tenant occupancy costs. “Tenants have been quick to recognise ANZO as a new, locally-based owner with an extensive portfolio and an active management approach; a number have contacted us directly to explore ways to reposition or to otherwise enhance their business occupancy arrangments.” The leases include a new anchor tenant for the State Insurance Tower retail centre, which has been vacant for three years and through two previous owners of the property. Meanwhile, a new lease in Mobil on the Park has taken that property to 100 percent occupancy. State Insurance Tower
Mobil on the Park
About ANZOAMP NZ Office Trust (ANZO) is a unit trust listed on the New Zealand Exchange which invests predominantly in prime and A-Grade CBD office properties in major New Zealand cities. ANZO currently owns ten New Zealand office buildings with a total value of more than $760 million – Auckland’s PricewaterhouseCoopers Tower, ANZ Centre, IAG House and Quay Tower; and Wellington’s State Insurance Tower, Mobil on the Park, HP Tower, 125 The Terrace, No. 1 and 3 The Terrace and Pastoral House. ANZO is managed by AMP Ronin Management Limited. Media enquiries: |