DNZ
05/06/2015 08:30
ASSET
PRICE SENSITIVE
REL: 0830 HRS DNZ Property Fund Limited
ASSET: DNZ: DNZ Purchases in Newmarket
DNZ Property Fund Limited (DNZ) has purchased an investment property at 35
Teed Street, Newmarket, Auckland for $17.0 million. The property, known as
Heartland House, occupies a high profile site on the corner of Teed Street
and Gillies Avenue, and is located immediately adjacent to DNZ's property at
25 Teed Street.
The property is a retail, office and car park building including seven retail
units, 1,498m2 of office space over two upper levels and 103 car parks. The
property has a weighted average lease term (WALT) of 5.5 years, made up of
8.5 years on the office space and 1.6 years on the retail space. The purchase
price provides a yield of 7.0%.
"This acquisition fits well with our strategy" said DNZ Chief Executive Peter
Alexander. "This precinct in Newmarket is one of our preferred locations.
Newmarket has extensive private and public transport links and excellent
amenity. The acquisition is also immediately accretive to both earnings and
WALT."
Alexander also commented that the combined holdings provide opportunities to
add value over the medium to long term.
The purchase will be funded from a combination of existing bank facilities
and divestment of non-core properties. Settlement is scheduled for 30 June
2015.
END
For Further Information Please Contact:
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 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 31 March 2015, DNZ Property Fund owned 41
properties with 281 tenants, a weighted average lease term (WALT) of 5.1
years and an occupancy rate of 96.6% over a net lettable area of 334,694m?.
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 $115.9 million (as at
31 March 2014) commercial property fund.
DNZ's top 10 tenants as at 31 March 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 52% of DNZ's total contract rental.
End CA:00265243 For:DNZ Type:ASSET Time:2015-06-05 08:30:26
