15 Oct 2012

NPT portfolio value rises

12:22 pm on 15 October 2012

NPT says its property values have risen as lease enquiries grow and it signs more clients.

The company's retail, commercial and industrial property portfolio rose 6.9% to about $126.3 million in the six months to the end of September.

The value of its Eastgate Shopping Mall in Christchurch grew 14.9%, to $40.8 million, as a result of more lease enquiries and rental activity.

NPT's property in Hastings rose $2.25 million to $27 million, after Heinz Wattie's renewed its lease in May for 15 years.

But the value of Natcoll House in Christchurch remained at $12 million as negotiations continue with insurers for a damage claim from the earthquakes.

Chief executive Kerry Hitchcock said the overall increase puts the company in a good position for acquisition.