DNZ
11/09/2013 15:12
OFFICE
REL: 1512 HRS DNZ Property Fund Limited
OFFICE: DNZ: DNZ Announces Appointment of New Chief Executive
Highly experienced property professional Peter Alexander has been appointed
to replace retiring DNZ Property Fund ('DNZ') Chief Executive Officer Paul
Duffy.
Mr Alexander is currently the General Manager Property for Auckland
International Airport ('AIA'). He is expected to formally commence his role
with DNZ on 10 December 2013 upon completion of his commitments in his
current role.
DNZ Chairman Tim Storey said "Peter brings a great deal of experience from a
variety of roles and companies within the property sector and joins us at a
time when we are expanding our interests."
"His experience in retail developments with Auckland International Airport
will be invaluable as we assess a $120 million plus development of the Zone 5
enclosed shopping centre at the proposed Westgate Town Centre in West
Auckland and seek other opportunities in the property sector."
Auckland International Airport's property portfolio is valued at more than
$500 million and it has land holdings of approximately $125 million. Since
2008, Mr Alexander has overseen the expansion of retail, office, warehouse
and hotel developments in AIA's portfolio.
Mr Alexander was General Manager of publicly listed Property for Industry
between 1998 and 2003. He has also developed and managed property funds with
AMP Capital Investors and was General Manager Acquisitions and New Business
at Goodman Property. He is a former Board member of Auckland City Council's
Property Enterprise Board and a former Auckland Branch Chair of the Property
Council of New Zealand.
Mr Storey said "With his broad property background, Peter brings a great mix
of skills, experience and team leadership to DNZ. He is well known and
respected among our institutional investors and I'm sure he will quickly gain
the confidence of our wider shareholder base."
Mr Storey also noted that retiring CEO Paul Duffy would step down from his
current Board role although there would be a transition period where he
remained on the Board as Mr Alexander became familiar with the business.
"Paul is greatly respected in the industry. He has strong relationships with
many of our key stakeholders and has done a very good job for us since we
listed DNZ in 2010."
"We're fortunate to have found another thoroughly professional and well
regarded leader in the property sector to replace Paul and lead DNZ and its
shareholders into a recovering property market."
"Peter joins us at an important time for the business and we look forward to
utilising his skills to continue to drive DNZ forward and grow one of New
Zealand's leading listed property companies."
Peter Alexander - Recent Career Highlights
o General Manager, Property, Auckland International Airport Limited, Auckland
-- 2008 - 2013.
o General Manager, Acquisitions & New Business, Goodman Group NZ Limited,
Auckland -- 2006 - 2008.
o Property Ventures, AMP Capital Investors New Zealand Limited (AMPCI),
Auckland -- 2003 - 2006. Director of Summerset Holdings Limited.
o General Manager, Property For Industry Limited, Auckland -- 1998 - 2003.
END
For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 - Email: [email protected]
DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand's largest diversified
investment property portfolios with $732.5 million (as at 30 June 2013*) of
commercial office, retail and industrial properties located in the main urban
areas throughout New Zealand. As at 30 June 2013, DNZ Property Fund owned 46
properties with 291 tenants, a weighted average lease term of 5.6 years and
an occupancy rate of 99.6% over a net lettable area of 364,219m2.
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 June 2013: Bunnings, Progressive Enterprises
(Countdown), NZ Government, Foodstuffs (PAK'nSAVE & New World), Fletcher
Building, ASB, The Warehouse, Westpac, Meridian Energy, Lion. These 10
tenants represent 51% of the Company's total contract rental.
* 31 March 2013 valuations plus the purchase price of the Silverdale Centre
less assets sold post 31 March 2013 balance date.
End CA:00240988 For:DNZ Type:OFFICE Time:2013-09-11 15:12:46
