DNZ Acquires the Mt Roskill Bunnings Warehouse, Auckland with 15 Year Lease

DNZ Acquires the Mt Roskill Bunnings Warehouse, Auckland with 15 Year Lease

DNZ Acquires the Mt Roskill Bunnings Warehouse, Auckland with 15 Year Lease 8/02/2012

DNZ Property Fund Limited has unconditionally agreed to purchase the Bunnings Warehouse at 2 Carr Road, Mt Roskill, Auckland for $24.5 million.

 
The lease to Bunnings Limited, for the near new 11,600m² building located on a 2.7 hectare site, is for 15 years with annual contracted rental increases with 5 yearly market reviews.

Paul Duffy, Chief Executive of DNZ said “This acquisition of another Bunnings Warehouse further improves the quality of the DNZ portfolio, and cements Bunnings as DNZ’s largest tenant contributing, on settlement, approximately 10%* of the DNZ’s portfolio contract rental.”

Settlement is scheduled for 6 March 2012.

* Note: As part of DNZ’s investment risk management strategy, the Company seeks to have no tenant providing more than 10% of the Company’s portfolio contract rental.
 


 
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 31 December 2011, DNZ Property Fund owned 51 properties with 265 tenants, a weighted average lease term (WALT) of 5.17 years, an occupancy rate of 98.7% over a net lettable area of 376,716m².

DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internal 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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