DNZ Successful Completion of $60 Million Placement

DNZ Successful Completion of $60 Million Placement

DNZ Successful Completion of $60 Million Placement 23/05/2013

DNZ Property Fund Limited (DNZ) is pleased to announce the successful completion of the $60 million placement of new shares undertaken yesterday. The placement was fully subscribed at an issue price of $1.68 per share. Settlement and allotment is expected on 30 May 2013.

 
Tim Storey, Chairman of DNZ, said “Interest from our existing shareholders and new investors has shown strong support of DNZ’s business strategy, portfolio strength and the recent retail sector acquisitions of the Silverdale Centre and Westgate Zone 5 Land (Conditional). We thank our shareholders who supported the capital raising and welcome the new investors onto the DNZ register. We look forward to extending an offer to our retail investors to give them the opportunity to participate through the Share Purchase Plan.”

The placement was undertaken through a bookbuild conducted by Goldman Sachs New Zealand Limited.

Details of the planned Share Purchase Plan, which is intended to raise up to $20 million, is expected to be sent to eligible New Zealand resident DNZ shareholders in the middle of June 2013. The shares under the Share Purchase Plan will be priced at the lower of $1.6575 per share (being the placement price less the June cash dividend of 2.25 cents per share) and the average end of day market price of the shares during a 10 working day period during the offer period.
 


 
For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 – Email: [email protected]

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 31 March 2013, DNZ Property Fund owned 48 properties with 258 tenants, a weighted average lease term 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 $111 million (as at 31 March 2013) 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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