20 Mar DNZ Secures Nine Year Lease with AA Insurance for a New Office Warehouse
DNZ Secures Nine Year Lease with AA Insurance for a New Office Warehouse at O’Rorke Road, Penrose, Auckland 20/03/2013
DNZ Property Fund Limited (“DNZ”) is pleased to announce agreement has been completed with AA Insurance Limited for a new 1,400m² warehouse and office facility at O’Rorke Road in Penrose, Auckland, leased for nine years.
The property will feature 400m² of office, a 1,000m² warehouse and 29 car parks.
Paul Duffy, CEO of DNZ said “This new project, leased to AA Insurance follows on from our announcement last week regarding the new Hydraulink office and distribution centre at the same Penrose location. It is an excellent result to have secured another quality tenant for a nine year period at O’Rorke Road. The transaction leaves just 8,000m² of development land available for development projects on this 5.2 hectare site owned by DNZ.”
The project is scheduled for completion in October 2013, with an estimated total cost of $3.2m (including land).
For Further Information Please Contact:
Paul Duffy, Chief Executive, DNZ Property Fund Limited
DDI: 09 913 1154 – Mobile: 021 843 758 – Email: firstname.lastname@example.org
Jennifer Whooley, Chief Financial Officer, DNZ Property Fund Limited
DDI: 09 913 1150 – Mobile: 021 536 406 – Email: email@example.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 2012, DNZ Property Fund owned 47 properties with 256 tenants, a weighted average lease term of 5.4 years and an occupancy rate of 99.2% over a net lettable area of 354,523m².
DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internal management team. DNZ also holds management rights to Diversified NZ Property Fund Limited, a $105 million (as at 31 March 2012) commercial property portfolio.
DNZ’s top 10 tenants as at 31 December 2012: Bunnings, Fletcher Building, Progressive Enterprises (Countdown), Foodstuffs (PAK’nSAVE & New World), NZ Government, ASB, Westpac, Meridian Energy, Lion and Mitre 10. These 10 tenants represent 52% of the Company’s total contract rental.