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- Release Date: 20/09/12 18:38
- Summary: GENERAL: KRK: Refurbishment of Harbour City Centre
- Price Sensitive: No
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KRK
20/09/2012 16:38
GENERAL
REL: 1638 HRS Kirkcaldie & Stains Limited
GENERAL: KRK: Refurbishment of Harbour City Centre
The Directors of Kirkcaldie & Stains Limited (the "Company") announce that
Contact Energy Limited has made a significant long term commitment to the
Harbour City Centre building located on Lambton Quay, Wellington.
The Company's wholly owned subsidiary, Kirkcaldie & Stains Properties
Limited, and Contact Energy Limited have signed a conditional development
agreement and agreement to lease (the "Agreement").
Contact Energy Limited is the anchor tenant of the building and already
occupies levels 1 to 3 and part of level 6 of the building.
The new lease relates to levels 1 to 5 and part of level 6 of the building,
and will be for a term of 9 years.
The Agreement requires the Company's wholly owned subsidiary to undertake
refurbishment works on levels 4 and 5 and the common areas of the building.
The works will cost the Company $6 million and are scheduled to commence in
October 2012 with completion due in May 2013. The project will be funded by
bank borrowing.
The Agreement is conditional on Contact Energy Limited obtaining approval to
enter into the new lease pursuant to the Overseas Investment Act 2005 by 4pm
on 18 October 2012.
Falcon Clouston
Chairman
For further information:
Mr John Milford
P O Box 1494
Wellington 6140
Telephone: 04 494 7260
E-Mail- [email protected]
ENDS
End CA:00227543 For:KRK Type:GENERAL Time:2012-09-20 16:38:58
