DNZ Two Christchurch Properties

DNZ Two Christchurch Properties

DNZ Two Christchurch Properties 24/02/2011

DNZ Property Fund Limited has advised that its tenants and property assets in Christchurch appear to have escaped unharmed from Tuesday’s devastating earthquak

DNZ Chief Executive Paul Duffy said tenants in the company’s Christchurch owned buildings at 62 Columbia Avenue, Hornby and 7 Winston Avenue, Papanui, were evacuated safely with no reports of any injuries.

“Early reports also indicate there was no obvious significant structural damage to the properties,” said Mr Duffy. “The warehouse and distribution facility in Columbia Avenue appears to have suffered no damage, with the Winston Avenue property sustaining what appears to be just superficial damage.”

“On behalf of the Board and staff of DNZ, I would like to convey our support to the people of Christchurch and that our thoughts are with you.”

Mr Duffy said a preliminary engineering inspection of the Winston Avenue property is scheduled to be undertaken today and will provide greater clarity as to the extent of any damage.

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 (NZX Code: DNZ) owns one of New Zealand’s largest diversified investment property portfolios with commercial office, retail and industrial properties located in the main urban areas throughout New Zealand.
As at 31 January 2011, DNZ Property Fund owned 51 properties with 286 tenants, a weighted average lease term (WALT) of 4.4 years, an occupancy rate of 98% over a net lettable area of 381,498m², net contract rental of $57m with a portfolio value of $661m (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.

The DNZ portfolio is fully insured for earthquake damage including business interruption insurance for loss of rent. The two DNZ owned Christchurch properties constitute less than 3% (by value) of DNZ’s total portfolio.

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