DNZ Sells Wellington Property

DNZ Sells Wellington Property

DNZ Sells Wellington Property 16/08/2011

DNZ Property Fund Limited is pleased to announce the unconditional sale of 99-105 Customhouse Quay, Wellington, for $13.5 million, with settlement scheduled for 15 September 2011.

Paul Duffy, Chief Executive of DNZ said “The sale price of this property was successfully negotiated slightly above the 31 March 2011 valuation, and transacted off market by the DNZ management team. The net proceeds from the sale will be utilised to repay bank debt ahead of the purchase of the three Foodstuffs supermarkets announced by the Company last month.”

For Further Information Please Contact:
Paul Duffy, Chief Executive, DNZ Property Fund Limited
DDI: 09 913 1154 – Mobile: 021 843 758 – 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 the main urban areas throughout New Zealand.

As at 30 June 2011, DNZ Property Fund owned 50 properties with 285 tenants, a weighted average lease term (WALT) of 4.5 years, an occupancy rate of 98% over a net lettable area of 372,279m², and a portfolio value of $638m (31 March 2011 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 for Australian institutional investors.

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