13 Aug DNZ Buys Albany Office Building
DNZ Buys Albany Office Building 13/08/2012
DNZ Property Fund Limited has unconditionally agreed to purchase the office building at 51 Corinthian Drive, Albany, Auckland for $12.9 million.
The 3,297m² three level office building (plus basement carparking) will be fully occupied and will be 76% leased to Westpac under a new 9 year lease.
Paul Duffy, Chief Executive of DNZ said “This is an excellent investment that has a new nine year lease to a quality anchor tenant, Westpac, in one of Auckland’s major growth areas. DNZ has also entered into a conditional agreement to purchase a 1.4 hectare block of bare land that sits between the office building and 33 Corinthian Drive, which is owned by DNZ and occupied by ASB. This adjacent bare land provides a number of development opportunities.”
For Further Information Please Contact:
Paul Duffy, Chief Executive, DNZ Property Fund Limited
DDI: 09 913 1154 – Mobile: 021 843 758 – Email: paul.du[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 2012, DNZ Property Fund owned 51 properties with 252 tenants, a weighted average lease term (WALT) of 5.6 years and an occupancy rate of 98.6% over a net lettable area of 379,960m².
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 $105m property portfolio of Diversified NZ Property Fund Limited for Australian institutional investors.
DNZ’s top 10 tenants as at 30 June 2012: Bunnings, Progressive Enterprises (Countdown), NZ Government, Fletcher Building, Foodstuffs (PAK’nSAVE & New World), ASB, Meridian Energy, Mitre 10, Lion and Westpac. These 10 tenants represent 52% of the Company’s total contract rental.