12 Mar DNZ Property Fund Settles Albany Land
DNZ Property Fund Settles Albany Land 12/03/2013
DNZ Property Fund Limited has today settled on the $5.7 million purchase of the 1.4 hectare block of bare land that sits between the 2 office buildings owned by DNZ at 33 Corinthian Drive and 51 Corinthian Drive, Albany, Auckland
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]
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 31 December 2012, DNZ Property Fund owned 47 properties with 256 tenants, a weighted average lease term (WALT) of 5.4 years and an occupancy rate of 99.2% over a net lettable area of 354,523m².
DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internal management team. DNZ also holds management rights to Diversified NZ Property Fund Limited, a $105 million (as at 31 March 2012) commercial property portfolio.
DNZ’s top 10 tenants as at 31 December 2012: Bunnings, Fletcher Building, Progressive Enterprises (Countdown), Foodstuffs (PAK’nSAVE & New World), NZ Government, ASB, Westpac, Meridian Energy, Lion and Mitre 10. These 10 tenants represent 52% of the Company’s total contract rental.