AMP NZ Office Trust Achieves 100% Tenancy As Syndicates FalterSeptember 1, 2000 Investors Advised To Look Before They Leap New Zealand’s top office property investor today achieved a record 100% occupancy in its portfolio of premium buildings in Auckland and Wellington. Earlier this week facilities management company Serco agreed terms for a final 75 sq. metres in the AMP New Zealand Office Trust’s (ANZO) Quay Tower building on the Auckland waterfront. This means that all 114,000 sq. metres in the Trust’s six office properties are let, with a weighted average lease term of 5.8 years. "It’s hard not to contrast the achievement of 100% tenancy in a listed property trust with the difficulties being experienced by some syndicates as the moment," said ANZO executive manager, Robert Lang. "It’s a salient lesson that investors should ‘look before they leap’ into a property investment." Earlier this year the Securities Commission published a report into unlisted property investment and noted some concerning trends in the property investment market, many in syndicated property. At the same time, some AMPAM clients reported some of their own experiences in these types of investments. "The current cash flow difficulties being experienced by many syndicates and general concern in the market prompted us to make freely available a property investors guide for the beginner. The publication - "Getting Into Property - The Investor’s Guide" - highlights the key issues investors should consider before investing in property. It is a result of our own in-house research and consultation with the property industry. We have also set up a free web site www.nz-property.co.nz." The intention is to provide a useful introduction and overview of the managed property investment market, to assist a potential investor in selecting the right form of investment for them. ANZO is New Zealand’s top listed commercial office trust, comprising a portfolio of six premium office properties in Auckland and Wellington. AMP Henderson Global Investors is New Zealand’s largest private property investment company, managing a $1.4 billion property portfolio. NB - People can obtain a free copy of the guide by calling 0800 AMP PROP (0800 267 7767) For more information: |