DNZ Retains Westpac for Five Levels at 1 Grey Street, Wellington

DNZ Retains Westpac for Five Levels at 1 Grey Street, Wellington

DNZ Retains Westpac for Five Levels at 1 Grey Street, Wellington 7/05/2013

DNZ Property Fund Limited (DNZ) is pleased to announce the completion of a new lease expiring in April 2018 with Westpac at 1 Grey Street, Wellington. This lease is for 4,266m² of office space, over the five levels currently occupied by Westpac that was due to expire in January 2014.

 
Paul Duffy, DNZ Chief Executive said “It is pleasing to have retained a quality tenant such as Westpac at 1 Grey Street, in Wellington, with the lease now expiring in April 2018. This is a significant transaction that reduces the percentage of portfolio income expiring in the current financial year from 6.23% (as at 31 March 2013) to 3.36%. To have extended the Westpac lease well ahead of its previous expiry in January 2014 is an excellent example of DNZ’s proactive management approach, and will assist in maintaining the high DNZ portfolio occupancy rate which, as at 31 March 2013, was over 99%.”
 


 
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 March 2013, DNZ Property Fund owned 48 properties with 258 tenants, a weighted average lease term (WALT) of 5.2 years and an occupancy rate of 99.6% over a net lettable area of 354,502m².

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 March 2013: Bunnings, Fletcher Building, NZ Government, Progressive Enterprises (Countdown), Foodstuffs (PAK’nSAVE & New World), ASB, Westpac, Meridian Energy, Lion and Mitre 10. These 10 tenants represent 52% of the Company’s total contract rental.

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