Majestic Centre signage row settled

Ernst & Young and Kiwi Income Property Trust have settled a legal dispute over signage rights to the Majestic Centre in Wellington, where Ernst & Young occupies five floors.

Ernst & Young won an injunction in May preventing Kiwi granting signage rights to another tenant, IBM.

The accountancy firm had wanted naming rights to the building when it originally signed a lease, but council rules on signage prevented the deal going through.

Under the new agreement IBM gets signage rights.

Ernst & Young has extended its lease on four floors until 2018 and gets limited rights to share signage.