12 Apr DNZ Property Sale Settlement Completed
DNZ Property Sale Settlement Completed 12/04/2013
DNZ Property Fund Limited confirms that settlement of the sale of the properties at 8 Burnham Street, 7-17 and 19-21 Bouverie Street, Lower Hutt, Wellington, was completed on 12 April 2013.
Net proceeds from the sales have been utilised to repay bank debt.
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.