06 Sep DNZ Two Christchurch Properties Earthquake Status
DNZ Two Christchurch Properties Earthquake Status 6/09/2010
DNZ Property Fund Limited has two properties located in Christchurch, one at 62 Columbia Avenue, Hornby and one at 7 Winston Avenue, Papanui.
Preliminary reports indicate damage at the distribution centre in Hornby is limited to the racking systems and the tenant’s stock – the facility is still operational. A preliminary inspection of the office building in Papanui indicates the building has suffered some damage. A full engineering inspection is being undertaken today to determine the extent of the damage – the property is currently closed.
These two Christchurch properties constitute less than 3% (by value) of DNZ’s total portfolio. DNZ Property Funds portfolio is fully insured for earthquake damage including business interruption insurance for loss of rent.
For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 – Email: [email protected]
DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand’s largest diversified investment property portfolios with commercial office, retail and industrial properties located in Whangarei, Auckland, Tauranga, Hamilton, Rotorua, Palmerston North, Napier, Wellington, Nelson, Christchurch and Dunedin.
As at 31 May 2010 DNZ Property Fund owned 55 properties with 265 tenants, a weighted average lease term (WALT) of 4.5 years, an occupancy rate of 95.4% over a net lettable area of 379,779m², net contract rental of $54.4m with a portfolio value of $671m (31 March 2010 Valuations).
DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internalised management team. DNZ Property Fund Limited also manages the property portfolio of Diversified NZ Property Fund Limited, which is owned by Australian institutional investors.