DNZ Settles Westgate Land

DNZ Settles Westgate Land

DNZ Settles Westgate Land 26/07/2013

DNZ Property Fund Limited (DNZ) has settled on the purchase of the development land comprising zone 5 of the proposed Westgate Town Centre development in north-west Auckland for $25m.

 
Paul Duffy, Chief Executive of DNZ, said “This development land has a resource consent granted to build an enclosed shopping centre with a gross lettable area of approximately 34,000m². This is an exceptional opportunity for DNZ in one of Auckland’s major growth nodes. The opportunity to invest in a regional retail greenfields project which is zoned, and holds resource consent, is unique and the centre is projected to be dominant within its catchment.”

Before looking to start development, DNZ will undertake considerable further work to fully develop the proposal and ensure project feasibility, including pre-leasing commitments and long term funding strategy. Any development will be undertaken within the company’s strategic objectives and guidelines.

The proposed Westgate Town Centre is a planned 56 hectare mixed use development. Within the Town Centre Auckland Council continues to invest in new infrastructure including a new library, community centre, a bus interchange, parks, walkways and town square. In addition there are planned offices, restaurants, bulk retail and specialty retail, entertainment and accommodation facilities
 


 
For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 – Email: tim.storey@dnzproperty.com

Paul Duffy, Chief Executive, DNZ Property Fund Limited
DDI: 09 913 1154 – Mobile: 021 843 758 – Email: paul.duffy@dnzproperty.com

Jennifer Whooley, Chief Financial Officer, DNZ Property Fund Limited
DDI: 09 913 1150 – Mobile: 021 536 406 – Email: jennifer.whooley@dnzproperty.com

DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand’s largest diversified investment property portfolios with $667 million (as at 31 March 2013) of commercial office, retail and industrial properties located in the main urban areas throughout New Zealand. As at 30 June 2013, DNZ Property Fund owned 46 properties with 291 tenants, a weighted average lease term of 5.6 years and an occupancy rate of 99.6% over a net lettable area of 364,219m².

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 $111 million (as at 31 March 2013) commercial property portfolio.

DNZ’s top 10 tenants as at 30 June 2013: Bunnings, Progressive Enterprises (Countdown), NZ Government, Foodstuffs (PAK’nSAVE & New World), Fletcher Building, ASB, The Warehouse, Westpac, Meridian Energy, Lion. These 10 tenants represent 51% of the Company’s total contract rental.

DNZ 2013 Annual Meeting Results
DNZ Wellington Portfolio Insignificant Earthquake Damage