DNZ
14/04/2014 08:30
GENERAL
REL: 0830 HRS DNZ Property Fund Limited
GENERAL: DNZ: DNZ Property Fund Organisational Restructure
DNZ Property Fund (DNZ) today announced the restructure of its management
team as part of an on-going review of its operations and strategy. DNZ CEO
Peter Alexander said that, "Since starting with DNZ in December 2013 I have
lead a comprehensive review of all aspects of DNZ's business with particular
focus on our strategy, resources, people and processes to ensure we are
working efficiently and cost effectively. This restructure is a result of
that review."
"I have also received feedback regarding DNZ's management expense ratio or
MER as compared to other comparable companies. This restructure should, among
other things, address that issue." Alexander noted that the Company has
taken care to ensure that it has appropriate resource available to continue
the business as usual, including the successful delivery of its recently
announced Westgate project.
As part of the restructure, five staff members are expected to leave the
business, including two senior executives: DNZ's General Manager Investment,
Development and Capital Management, Philip Brown and General Manager
Property, Patrick O'Reilly.
Mr. Alexander emphasised, "This decision is in no way a reflection on the
calibre and dedication of the employees who are leaving DNZ."
DNZ Chairman Tim Storey added, "The Company would like to thank both Patrick
and Philip for the many years of service they have provided to DNZ and the
significant contribution they have made to bring the Company to this point."
The restructuring is expected to provide savings of fixed annual remuneration
of approximately $1m per annum with the full effect of the savings commencing
from the 2015/16 financial year.
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]
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089
DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand's largest diversified
investment property portfolios with $770.6 million (as at 30 September 2013)
of commercial office, retail and industrial properties located in the main
urban areas throughout New Zealand. As at 31 December 2013, DNZ Property Fund
owned 47 properties with 297 tenants, a weighted average lease term of 5.5
years and an occupancy rate of 99.4% over a net lettable area of 369,407m2.
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 $117.4
million (as at 30 September 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.
End CA:00249413 For:DNZ Type:GENERAL Time:2014-04-14 08:30:08
