ANZ commits to new office building at Sylvia Park

Kiwi Property is pleased to announce that ANZ Bank New Zealand, through its wholly-owned subsidiary Arawata Assets Limited, has agreed to lease approximately 6,740 sqm of space at its No.1 Sylvia Park office development now under construction at Sylvia Park town centre. ANZ will take a nine-year lease over five whole floors and a partial floor, commencing in two stages between June and December 2019, to suit the progressive relocation of bank staff into the building from a number of locations. ANZ has also secured exclusive naming and signage rights. Kiwi Property Chief Executive, Chris Gudgeon, said: "Our vision for Sylvia Park is the creation of a world-class town centre, offering our customers exceptional retail, dining, entertainment and workplace experiences. "ANZ taking this significant space in No.1 Sylvia Park reflects this transition to a town centre. Our ability to successfully lease over 10,000 sqm of office space in the building to major corporates such as ANZ and IAG shows that the market is looking for such an offering. Our vision is now becoming reality." Mr Gudgeon said that the new office building is being constructed to integrate seamlessly with Sylvia Park and The Grove Dining District, which opened in December 2017. "With a dedicated entrance, it offers businesses a truly unique and high-quality working environment in an easily accessible location with excellent rail and bus transport links, allowing staff to take advantage of the extensive range of amenities and services at the centre." ANZ Chief Operating Officer, Mike Bullock, said the company was looking forward to moving many of its contact centre functions in Auckland into the building at No.1 Sylvia Park from around the middle of next year. "No.1 Sylvia Park is state-of-the-art and has strong public transport links and retail, food and recreational facilities around it that are important for attracting and retaining staff," Mr Bullock said. Mr Gudgeon adds: "ANZ and IAG, together with the ground floor retailers, will occupy around 90% of the office building and, following ANZ's full occupation in 2019, the project is expected to yield 7.4%, with a projected 10-year IRR in excess of 9%. "We look forward to welcoming ANZ to the building, joining approximately 350 IAG staff who will move into their new 3,324 sqm office premises following completion of No.1 Sylvia Park in the middle of this year." "By year end, we will complete our new ~600 space shopper carpark building and the excitement will continue right through to mid-2020 when we complete our $223 million 'Galleria' retail expansion project. This will take Sylvia Park to another level, featuring new international brands and concept stores, selected retailers from Sylvia Park's current waiting list of specialty tenants, a two-storey Farmers department store and a sophisticated new-generation, sophisticated dining precinct," said Mr Gudgeon. > Ends Contact us for further information Chris Gudgeon Chief Executive chris.gudgeon@kp.co.nz +64 9 359 4011 Gavin Parker Chief Operating Officer gavin.parker@kp.co.nz +64 9 359 4012 For media enquiries Chris Gudgeon Chief Executive chris.gudgeon@kp.co.nz +64 9 359 4011 Michael Holloway GM Commercial michael.holloway@kp.co.nz +64 9 359 4032 About us Kiwi Property (NZX: KPG) is the largest listed property company on the New Zealand Stock Exchange and is a member of the S&P/NZX 15 Index. We've been around for more than 20 years and we proudly own and manage a $3.1 billion portfolio of real estate, comprising some of New Zealand's best shopping centres and prime office buildings. Our objective is to provide investors with a reliable investment in New Zealand property by targeting superior risk-adjusted returns over time through the ownership and active management of a diversified, high-quality portfolio. S&P Global Ratings has assigned Kiwi Property a corporate credit rating of BBB (stable) and an issue credit rating of BBB+ for each of its fixed rate senior secured bonds. Kiwi Property is licensed under the Real Estate Agents Act 2008. To find out more, visit our website kp.co.nz End CA:00317990 For:KPG Type:GENERAL Time:2018-05-15 16:03:43