DNZ Extends Springs Road, East Tamaki, Lease to Lion Nathan

DNZ Extends Springs Road, East Tamaki, Lease to Lion Nathan

DNZ Extends Springs Road, East Tamaki, Lease to Lion Nathan 24/03/2011

The 21,000m² Springs Road facility in East Tamaki, Auckland, is one of New Zealand’s largest liquor packaging and distribution operations, with Lion Nathan occupying the whole site.

Paul Duffy, Chief Executive of DNZ says “This is a key transaction to conclude with a major New Zealand corporate. Whilst the transaction significantly reduces DNZ’s lease expiry risk for the 2012 year, it also maintains our strong occupancy rate of 98%. This is an excellent result for the company.”

The lease to Lion Nathan is for three years from 1 October 2011 with fixed annual rent reviews, and an additional 3 year right of renewal from 1 October 2014.

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 28 February 2011, DNZ Property Fund owned 50 properties with 285 tenants, a weighted average lease term (WALT) of 4.3 years, an occupancy rate of 98% over a net lettable area of 371,481m², net contract rental of $56m with a portfolio value of $649m (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.

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