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- Release Date: 17/02/12 18:07
- Summary: ASSET: ZEL: Z plans sale and leaseback of nine North Island locations
- Price Sensitive: No
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ZEL
17/02/2012 16:07
ASSET
REL: 1607 HRS Z Energy Limited
ASSET: ZEL: Z plans sale and leaseback of nine North Island locations
Z plans sale and leaseback of nine North Island locations
Z Energy will market nine North Island properties for sale and leaseback in a
campaign that commences on 18 February.
The properties - located in Paihia, Auckland, New Plymouth, Marton,
Palmerston North, Havelock North and Wellington - will be auctioned on Friday
March 16 in Auckland and in Opotiki by deadline private closing on March 22.
With 12-year leases on most of the properties, plus rights of renewal, these
properties offer Kiwis a chance to invest in a piece of local commercial
property backed by a New Zealand company with a strong community focus.
Gail Calder, Asset Manager at Z Energy, said the company is selling the
freehold interest in the properties to release capital for reinvestment in
the business.
"Z Energy is committed to growth and to investing in New Zealand. This
approach represents an opportunity for us to direct capital into building new
sites, and into new investments, while keeping these existing service
stations operating in our network."
Gail said the sale and leaseback would also provide attractive investment
opportunities for investors in commercial property.
"This portfolio offers an excellent opportunity for investors to acquire
quality commercial assets which are occupied by a strong locally-owned
corporate tenant in high-profile locations."
Six out of the nine properties will be leased back by Z Energy on new 12-year
leases with further rights of renewal, with the other three leased back on
shorter leases.
"This opportunity will provide long term income security for investors, and
furthermore the properties offer guaranteed rental growth with regular rent
reviews," said Gail.
The properties will be marketed by Colliers International.
End CA:00219693 For:ZEL Type:ASSET Time:2012-02-17 16:07:38
