DNZ
20/06/2014 16:09
GENERAL
REL: 1609 HRS DNZ Property Fund Limited
GENERAL: DNZ: Countdown Renews for 6 yrs at Mt Wellington Shopping Centre
DNZ Property Fund Limited ("DNZ") is pleased to announce that Progressive
Enterprises has renewed its lease for the Countdown supermarket at Mt
Wellington Shopping Centre, Auckland, for a further six years to 14 December
2020.
This lease renewal has reduced the percentage of leases expiring in the 2015
financial year(1) by 1.77% from 8.44% to 6.67%.
Notes:
1. The DNZ portfolio lease expiry profile is measured as a percentage of
contract rental expiring (as at 31 March 2014) in the financial year ending
31 March 2015.
END
For Further Information Please Contact:
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 $780.2m (as at 31 March 2014) of
commercial office, retail and industrial properties located in the main urban
areas throughout New Zealand. As at 31 March 2014, DNZ Property Fund owned 46
properties with 292 tenants, a weighted average lease term (WALT) of 5.5
years and an occupancy rate of 99.5% over a net lettable area of 364,916m2.
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 $115.9m
(as at 31 March 2014) commercial property portfolio.
DNZ's top 10 tenants as at 31 March 2014: Bunnings, Progressive Enterprises
(Countdown), Foodstuffs (PAK'nSAVE & New World), ASB, Fletchers, NZ
Government, The Warehouse, Westpac, Meridian and Lion. These 10 tenants
represent 50% of the Company's total contract rental.
End CA:00251846 For:DNZ Type:GENERAL Time:2014-06-20 16:09:43
