DNZ Sells Auckland Property

DNZ Sells Auckland Property

DNZ Sells Auckland Property 10/10/2011

DNZ Property Fund Limited announced today the unconditional sale of 132 Vincent Street, Auckland.

The sale was negotiated at the 31 March 2011 valuation of $9.0 million.

Settlement is scheduled for 30 July 2012.

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 internal management team. DNZ Property Fund Limited also manages the property portfolio of Diversified NZ Property Fund Limited for Australian institutional investors.

DNZ Quarterly Portfolio Update – Second Quarter FY12
DNZ Reduces Finance Costs by $600,000 per annum