16 Sep DNZ Property Sales Settlements Completed
DNZ Property Sales Settlements Completed 16/09/2011
DNZ Property Fund Limited confirms that settlement of the sales of the properties at 129 Hurstmere Road, Auckland, and 99-105 Customhouse Quay, Wellington, were completed on 15 September 2011.
Net proceeds from the sales have been utilised to repay bank debt.
The purchase of the Foodstuffs portfolio is scheduled to settle on 4 October 2011.
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.