Renewal of leases pushes NPT value up

The increase of $8.15 million for the six months ended September 30 was reported today.

The listed property company’s portfolio of retail, commercial and industrial property is now valued at $126.3 million, from $118.15 at the end of March.

Behind that lift was an increase in value of 14.9% for Christchurch’s Eastgate Shopping Centre.

The centre received CERA certification in April had since then had experience a lift in leasing inquiries and rental activity.

Other notable properties were Heinz Wattie’s distribution centre, which increase in value by $2.25 million over the six months, on the back of a 15-year lease renewal.

The AA centre in Albert St, Auckland increased in value by $700,000, to $29.2 million.

NPT chief executive Kerry Hitchcock said: “As we predicted six months ago, NPT is experiencing positive growth in its property portfolio with a number of leases locked down. With the healthy leasing activity at Eastgate, we’re pleased to see the commitment of retailers to the centre. The increase in the portfolio valuation is very pleasing, and NPT is well positioned for future acquisition and growth.”