DNZ
05/11/2013 15:35
GENERAL
REL: 1535 HRS DNZ Property Fund Limited
GENERAL: DNZ: DNZ Completes New AA Insurance Facility - Penrose, Auckland
DNZ Property Fund Limited ("DNZ") is pleased to announce the new AA Insurance
Limited 1,400m2 warehouse and office facility at O'Rorke Road in Penrose,
Auckland, has been completed and the nine year lease with AA Insurance has
commenced.
Patrick O'Reilly, Acting Chief Executive of DNZ, said "This new design build
project for AA Insurance adds another quality building and tenant to DNZ's
portfolio. The Hydraulink Fluid Connectors office and distribution centre,
which is currently being built on the adjoining part of the site, is
scheduled for completion this month, and this will leave just 1.0 hectare of
land available for development on this 5.2 hectare site owned by DNZ."
END
For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 - Email: [email protected]
Patrick O'Reilly, Acting Chief Executive, DNZ Property Fund Limited
DDI: 09 913 1065 - Mobile: 021 415 645 - 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 $760.2 million (as at 31 July 2013*) of
commercial office, retail and industrial properties located in the main urban
areas throughout New Zealand. As at 30 September 2013, DNZ Property Fund
owned 47 properties with 293 tenants, a weighted average lease term of 5.6
years and an occupancy rate of 99.4% over a net lettable area of 365,912m2.
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 $111
million (as at 31 March 2013) commercial property portfolio.
DNZ's top 10 tenants as at 30 September 2013: Bunnings, Progressive
Enterprises (Countdown), NZ Government, Foodstuffs (PAK'nSAVE & New World),
ASB, Fletcher Building, The Warehouse, Westpac, Meridian Energy and Lion.
These 10 tenants represent 52% of the Company's total contract rental.
* 31 March 2013 valuations plus the purchase price of the Silverdale Centre
and Westgate Zone 5 Land less assets sold post 31 March 2013 balance date.
End CA:00243361 For:DNZ Type:GENERAL Time:2013-11-05 15:35:20
