10 Sep DNZ Property Fund looks to the future with New Corporate Identity
DNZ Property Fund looks to the future with New Corporate Identity 10/09/2015
In accordance with Listing Rule 10.6.1(f), we advise that the Directors resolved on 10 September 2015 to change the name of DNZ Property Fund Limited (DNZ) to “Stride Property Limited” (Stride), with effect from 25 September 2015. The application for change of name will be lodged at the Companies Office on 25 September 2015 and the company’s NZX ticker code will change from “DNZ” to “STR” on that date.
The move is the culmination of a number of changes within the company that have seen it become a leader in its sector, with over $950 million of diversified commercial property assets under management.
DNZ Chairman, Tim Storey, says the re-branding is a reflection of the confidence that the company has in its future and the approach that it takes to managing and building its portfolio. He said that the new name more accurately demonstrates the essence of the company and its future direction in the property investment business.
“The company has been through a number of positive changes since listing, particularly over the past 18 months,” Mr Storey says. “We have refined our strategy with a renewed team and leadership and delivered strong results for our investors. Consequently, the market perception of us has shifted.”
DNZ Chief Executive, Peter Alexander, highlights the connection between the company’s new approach to business and its rebrand.
“It’s important our identity represents who we are today and in the future, and that it epitomises our people, our culture, our places and performance. We are a progressive company, forward focussed and confidently moving ahead. The name Stride communicates that confidence and reflects the deliberate and purposeful steps we are taking to deliver the best possible performance.
“With this new branding we will be better differentiated and visible to all of our stakeholders,” says Mr Alexander.
For the year ended 31 March 2015, the company announced an operating profit before other income and income tax of $39.6 million, an increase of 13.1% over the previous year, and an annual cash dividend of 10.25 cents per share, an increase of 13.9%.
“We are very pleased with the performance of the company to date,” Mr Alexander says. “The opening of the NorthWest Shopping Centre on 1 October with 100% of the retail space leased, and the commencement of the NorthWest Two (previously referred to as Westgate Stage Two) development are very strong indicators of the company’s future strength.
“We believe Stride embodies the key characteristics of a company as robust and positive about the future as we are.”
For Further Information Please Contact:
Carolyn Kerr, Anthem
Mobile: 021 373 777 – Email: [email protected]
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 – Email: [email protected]
Peter Alexander, Chief Executive Officer, DNZ Property Fund Limited
DDI: 09 913 1154 – Mobile: 0275 443 678 – 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 (“DNZ”) owns one of New Zealand’s largest diversified investment property portfolios with $872.4 million (as at 31 March 2015) of commercial office, retail and industrial properties located in the main urban areas throughout New Zealand. As at 30 June 2015, DNZ owned 42 properties with 291 tenants, a weighted average lease term (WALT) of 5.4 years and an occupancy rate of 99.1% over a net lettable area of 337,568m².
DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internal management team. DNZ is also the manager of Diversified NZ Property Fund Limited, a $118.4 million (as at 31 March 2015) commercial property fund.
DNZ’s top 10 tenants as at 30 June 2015: Bunnings, Progressive Enterprises (Countdown), Foodstuffs (PAK’nSAVE & New World), ASB, NZ Government, The Warehouse, Fletcher Building, Westpac, Meridian and Lion. These 10 tenants represent 51% of DNZ’s total contract rental.