01 Jul DNZ Announces Share Purchase Plan Subscription Price
DNZ Announces Share Purchase Plan Subscription Price 1/07/2013
DNZ Property Fund Limited (DNZ) today announces the subscription price for the Share Purchase Plan (SPP) has been set at $1.645 representing the lower of:
$1.6575 per Share (being the price paid by investors in DNZ’s recent private placement less 2.25 cents per Share); and
the average end of day market price of the Shares over the 10 business day period from, and including, 17 June 2013 to, and including, 28 June 2013.
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]
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 $667.0 million (as at 31 March 2013) of 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.