DNZ Property Fund Announces Appointment of New Chief Executive

DNZ Property Fund Announces Appointment of New Chief Executive

DNZ Property Fund Announces Appointment of New Chief Executive 11/09/2013

Highly experienced property professional Peter Alexander has been appointed to replace retiring DNZ Property Fund (‘DNZ’) Chief Executive Officer Paul Duffy.

 
Mr Alexander is currently the General Manager Property for Auckland International Airport (‘AIA’). He is expected to formally commence his role with DNZ on 10 December 2013 upon completion of his commitments in his current role.

DNZ Chairman Tim Storey said “Peter brings a great deal of experience from a variety of roles and companies within the property sector and joins us at a time when we are expanding our interests.”

“His experience in retail developments with Auckland International Airport will be invaluable as we assess a $120 million plus development of the Zone 5 enclosed shopping centre at the proposed Westgate Town Centre in West Auckland and seek other opportunities in the property sector.”

Auckland International Airport’s property portfolio is valued at more than $500 million and it has land holdings of approximately $125 million. Since 2008, Mr Alexander has overseen the expansion of retail, office, warehouse and hotel developments in AIA’s portfolio.

Mr Alexander was General Manager of publicly listed Property for Industry between 1998 and 2003. He has also developed and managed property funds with AMP Capital Investors and was General Manager Acquisitions and New Business at Goodman Property. He is a former Board member of Auckland City Council’s Property Enterprise Board and a former Auckland Branch Chair of the Property Council of New Zealand.

Mr Storey said “With his broad property background, Peter brings a great mix of skills, experience and team leadership to DNZ. He is well known and respected among our institutional investors and I’m sure he will quickly gain the confidence of our wider shareholder base.”

Mr Storey also noted that retiring CEO Paul Duffy would step down from his current Board role although there would be a transition period where he remained on the Board as Mr Alexander became familiar with the business.

“Paul is greatly respected in the industry. He has strong relationships with many of our key stakeholders and has done a very good job for us since we listed DNZ in 2010.”

“We’re fortunate to have found another thoroughly professional and well regarded leader in the property sector to replace Paul and lead DNZ and its shareholders into a recovering property market.”

“Peter joins us at an important time for the business and we look forward to utilising his skills to continue to drive DNZ forward and grow one of New Zealand’s leading listed property companies.”

Peter Alexander – Recent Career Highlights

  • General Manager, Property, Auckland International Airport Limited, Auckland — 2008 – 2013.
  • General Manager, Acquisitions & New Business, Goodman Group NZ Limited, Auckland — 2006 – 2008.
  • Property Ventures, AMP Capital Investors New Zealand Limited (AMPCI), Auckland — 2003 – 2006.
  • Director of Summerset Holdings Limited.
  • General Manager, Property For Industry Limited, Auckland — 1998 – 2003.

 


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

DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand’s largest diversified investment property portfolios with $732.5 million (as at 30 June 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.

* 31 March 2013 valuations plus the purchase price of the Silverdale Centre less assets sold post 31 March 2013 balance date.

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