04 Oct DNZ Reduces Finance Costs by $600,000 per annum
DNZ Reduces Finance Costs by $600,000 per annum 4/10/2011
DNZ Property Fund Limited (DNZ) has reduced its syndicated banking facility limit from $350m to $300m resulting in an immediate reduction in finance costs for the Company of approximately $600,000 per annum.
DNZ also advises that today it settled on the $40.73m purchase of the three Foodstuffs supermarkets located in Napier, New Plymouth and Wellington.
Tim Storey, Chairman of DNZ Property Fund, said “The DNZ Board believes reducing the banking facility limit by $50m is a prudent decision and does not significantly limit DNZ’s capacity to take advantage of opportunities that may arise, but does achieve a $600,000 annual saving for our Shareholders.”
Following the reduction in DNZ’s banking facility and the settlement of the purchase of the three Foodstuffs supermarkets, DNZ’s undrawn banking facility is approximately $30m.
For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 – Email: [email protected]om
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 internal management team. DNZ Property Fund Limited also manages the property portfolio of Diversified NZ Property Fund Limited for Australian institutional investors.