DNZ
31/10/2014 11:02
GENERAL
REL: 1102 HRS DNZ Property Fund Limited
GENERAL: DNZ: Extension of Bank Facility, renegotiation of fees & margin
DNZ Property Fund Limited ("DNZ") has advised, effective 31 October 2014, it
has refinanced its bank facility extending the term of the two tranches of
$200,000,000 each for a further one year, with Tranche A now expiring 31
October 2017 and Tranche B now expiring 31 October 2019. More favourable
line fees and margin were also achieved. DNZ's secured borrowings are via
syndicated senior secured facilities with ANZ Bank New Zealand Limited, Bank
of New Zealand and Commonwealth Bank of Australia each providing 20% and
Westpac New Zealand Limited providing 40% of loan requirements.
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 $788.0 million* (as at 30 September 2014)
of commercial office, retail and industrial properties located in the main
urban areas throughout New Zealand. As at 30 September 2014, DNZ Property
Fund owned 45 properties with 286 tenants, a weighted average lease term
(WALT) of 5.4 years and an occupancy rate of 99.00% over a net lettable area
of 358,307m2.
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 30 September 2014: Bunnings, Progressive
Enterprises (Countdown), Foodstuffs (PAK'nSAVE & New World), ASB, NZ
Government, Fletcher Building, The Warehouse, Westpac, Meridian and Lion.
These 10 tenants represent 50.2% of the Company's total contract rental.
* Twelve assets were independently valued as at 30 September 2014, are
subject to final audit review and will be confirmed in DNZ Property Fund
Limited's interim consolidated financial statements for the six months ended
30 September 2014.
End CA:00257069 For:DNZ Type:GENERAL Time:2014-10-31 11:02:26
