03 Dec DNZ Property Sale Settlements Completed
DNZ Property Sale Settlements Completed 3/12/2012
DNZ Property Fund Limited confirms that settlement of the sale of the properties at 62 Columbia Avenue, Hornby, Christchurch and 14 Tyers Road, Ngauranga Gorge, Wellington, was completed on 30 November 2012.
Net proceeds from the sales have been utilised to repay bank debt.
For Further Information Please Contact:
Paul Duffy, Chief Executive, DNZ Property Fund Limited
DDI: 09 913 1154 – Mobile: 021 843 758 – Email: [email protected]
Jennifer Whooley, Chief Financial Officer, DNZ Property Fund Limited
DDI: 09 913 1150 – Mobile: 021 536 406 – Email: [email protected]m
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 September 2012, DNZ Property Fund owned 51 properties with 259 tenants, a weighted average lease term (WALT) of 5.7 years and an occupancy rate of 99.0% over a net lettable area of 377,350m².
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 September 2012: Bunnings, Fletcher Building, Progressive Enterprises (Countdown), Foodstuffs (PAK’nSAVE & New World), NZ Government, ASB, Westpac, Meridian Energy, Mitre 10 and Lion. These 10 tenants represent 51% of the Company’s total contract rental.