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Kiwi Income Reaches New Lease Agreement With Vero Insurance

Fuseworks Media
Fuseworks Media

Wellington, June 15 NZPA - Kiwi Income Property Trust has reached a new lease agreement with Vero Insurance for around a quarter of the trust's flagship office asset, the Vero Centre in Auckland.

The nine-year lease was for 7-1/2 levels, about 9600sq m, and included naming rights, storage areas and associated car parking spaces as well as the office areas, Kiwi Income said today.

Vero had been the building's largest tenant since its completion in December 1999, occupying space over 9-1/2 levels.

Kiwi Income said the weighted average lease term to expiry for the Vero Centre would increase from 3.8 years to 5.1 years as a result of the new lease agreement.

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