DNZ
01/07/2015 11:05
ASSET
PRICE SENSITIVE
REL: 1105 HRS DNZ Property Fund Limited
ASSET: DNZ: DNZ Sells Office Property in Albany, Auckland
DNZ Property Fund Limited (DNZ) has entered into an unconditional contract to
sell the office property at 51 Corinthian Drive, Albany, Auckland, for
$15,150,000. The property was valued at $14,700,000 as at 31 March 2015.
DNZ has previously announced that the $155 million NorthWest Shopping Centre
project, with a forecast valuation on completion of $170 million, will be
funded from a combination of DNZ current bank facilities and divestment of
non-core assets over the duration of the project.
Settlement is scheduled for 30 September 2015. Since announcing its
divestment programme, DNZ has agreed sales with a total value of $46.7
million.
DNZ has also settled on the acquisition of the investment property at 35 Teed
Street, Newmarket, Auckland for $17.0 million.
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 $118.4 million (as at
31 March 2015) 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:00266461 For:DNZ Type:ASSET Time:2015-07-01 11:05:31
