DNZ Sells Christchurch Industrial Building

DNZ Sells Christchurch Industrial Building

DNZ Sells Christchurch Industrial Building 27/08/2012

DNZ Property Fund Limited has unconditionally sold the industrial building located at 62 Columbia Avenue, Hornby, Christchurch for $10.0 million

As announced on 30 May 2012, the lease transaction to Value Tyres included a put/call option where DNZ held the option to require the tenant to purchase the property, with the tenant also holding the option to require DNZ to sell the property. This option has now been exercised.

Settlement is scheduled for 1 December 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 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.

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