DNZ Sells Another Property Above Valuation

DNZ Sells Another Property Above Valuation

DNZ Sells Another Property Above Valuation 24/08/2011

DNZ Property Fund Limited is pleased to advise the unconditional sale of 129 Hurstmere Road, Auckland, for $18.067 million.

 
This follows the sale of 99-105 Customhouse Quay, Wellington, for $13.500 million, announced last week. The total gross realisation of these two transactions is $31.567million with both sales scheduled to settle on 15 September 2011.

Paul Duffy, Chief Executive of DNZ said “These two property sales were transacted off market by the DNZ management team, and concluded slightly above the 31 March 2011 valuations. Net proceeds from the sales will be utilised to repay bank debt ahead of the purchase of the three Foodstuffs supermarkets, announced by the Company last month, which will further add to the quality of the DNZ portfolio.”

“These transactions indicate the accuracy of the carrying value of the DNZ portfolio, and also illustrate the ability of the DNZ management team to transact quickly, off market, and at or above valuation.”
 


 
For Further Information Please Contact:
Paul Duffy, Chief Executive, DNZ Property Fund Limited
DDI: 09 913 1154 – 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 the main urban areas throughout New Zealand.

As at 30 June 2011, DNZ Property Fund owned 50 properties with 285 tenants, a weighted average lease term (WALT) of 4.5 years, an occupancy rate of 98% over a net lettable area of 372,279m², and a portfolio value of $638m (31 March 2011 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 for Australian institutional investors.

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