DNZ Settles Silverdale Centre

DNZ Settles Silverdale Centre

DNZ Settles Silverdale Centre 31/05/2013

DNZ Property Fund Limited has today settled on the purchase of the Silverdale Centre at 61 Silverdale Street, Silverdale, Auckland for $78.0 million.

Paul Duffy, CEO of DNZ said “The acquisition of the Silverdale Centre, a quality fully leased asset, has moved DNZ’s retail portfolio weighting by contract rental¹, including bulk retail, from 39% to 44%, and also moves DNZ’s Auckland weighting by contract rental¹ from 49% to 53%. This acquisition forms part of DNZ’s strategy of increasing the weighting of the portfolio in the Auckland region.”
The Silverdale Centre comprises 36 bulk and specialty retailers including Warehouse Stationery, Noel Leeming, Number One Shoes, Supercheap Auto, Postie, Lighting Plus, Beds R Us, OPSM, ANZ and BNZ, anchored by The Warehouse and a Countdown supermarket. The Silverdale Centre comprises 22,978m² of retail floor area, 980 on-grade and basement car parks and a Weighted Average Lease Term (WALT) of approximately 10 years.

Situated on a 7 hectare site, and completed in October 2012, the Silverdale Centre is located adjacent to the existing Silverdale township and the master planned Millwater residential development. Millwater is projected to comprise over 3,000 dwellings and over 10,000 residents on completion.

¹Contract Rental is the amount of rent payable by each tenant, plus other amounts payable to DNZ by that tenant under the terms of the relevant lease as at 31 March 2013, annualised for the 12 month period on the basis of the occupancy level for the relevant property as at 31 March 2013, and assuming no default by the tenant.

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 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.

Annual Meeting and Director Nomination Closing Date
DNZ Final Dividend for year ending 31 March 2013 – Revised Appendix 7 provided