Whangarei Property Settlement Completed

Whangarei Property Settlement Completed

Whangarei Property Settlement Completed 22/11/2010

The sale of the property on the corner of Tauroa Street and State Highway One, Whangarei for $13.6m settled on 19 November 2010.

 
The sale of the property on the corner of Tauroa Street and State Highway One, Whangarei for $13.6m settled on 19 November 2010. The sale of this property is part of the asset sales programme disclosed in the Offer Document dated 9 July 2010. Net proceeds of the sale will be utilised to repay bank debt.
 


 
For Further Information Please Contact:
Paul Duffy, CEO, DNZ Property Fund Limited
Phone: 09 912 2690 – Mobile: 021 843 758 – Email: paul.duffy@dnzproperty.com

DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand’s largest diversified investment property portfolios with commercial office, retail and industrial properties located in Whangarei, Auckland, Tauranga, Hamilton, Rotorua, Palmerston North, Napier, Wellington, Nelson, Christchurch and Dunedin.

As at 30 September 2010 DNZ Property Fund owned 54 properties with 279 tenants, a weighted average lease term (WALT) of 4.4 years, an occupancy rate of 96.1% over a net lettable area of 379,934m², net contract rental of $55.7m with a portfolio value of $669.6m (Latest Valuations).

DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internalised management team. DNZ Property Fund Limited also manages the property portfolio of Diversified NZ Property Fund Limited, which is owned by Australian institutional investors.

Bush Road Property Settlement Completed
DNZ Interim Results for the Six Month Period to 30 September 2010