DNZ
24/09/2015 08:35
PLACE
PRICE SENSITIVE
REL: 0835 HRS DNZ Property Fund Limited
PLACE: DNZ: DNZ Successful Completion of $115 Million Placement
DNZ Property Fund Limited (DNZ) is pleased to announce the successful
completion of the $115 million placement of new shares undertaken today to
partially fund the acquisition of a portfolio of large format retail assets
for $287 million. The placement of 59,400,000 shares was fully subscribed at
a price of $1.94 per share.
Settlement and allotment is expected on Wednesday 7 October 2015.
DNZ Chief Executive, Peter Alexander, said "The acquisition represents an
attractive opportunity for DNZ to add a high quality portfolio to the
existing fund that can create strategic value-added opportunities and we are
pleased our shareholders and new investors have recognised this through their
support of the capital raising."
Tim Storey, Chairman of DNZ, added "Interest from our existing shareholders
and new investors has shown strong support of DNZ's business strategy and
this exciting acquisition. 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 investors in New Zealand to give them
the opportunity to participate through the Share Purchase Plan."
Goldman Sachs New Zealand Limited acted as sole lead manager, placement
agent, bookrunner and underwriter of the placement.
Details of the planned Share Purchase Plan, which is intended to raise up to
$15 million, are expected to be sent to eligible New Zealand resident DNZ
shareholders on 9 October 2015. The shares under the Share Purchase Plan will
be priced at the lower of $1.94 per share (being the placement price) and the
average end of day market price of the shares during the five working day
period before the Share Purchase Plan is completed.
END
For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 - Email: [email protected]
Peter Alexander, Chief Executive, 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 $890.9 million (as at 31
August 2015) of commercial office, retail and industrial properties located
in the main urban areas throughout New Zealand. As at 31 August 2015, DNZ
owned 42 properties with 294 tenants, a weighted average lease term (WALT) of
5.3 years and an occupancy rate of 99.6% over a net lettable area of
338,504m?.
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 31 August 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 50% of DNZ's total contract rental.
With effect from 25 September 2015, DNZ will change its name to Stride
Property Limited and it will be listed on the NZX Main Board under the ticker
code STR. All other details remain the same.
End CA:00270656 For:DNZ Type:PLACE Time:2015-09-24 08:35:33
