Lion Renews for Three Years at Springs Road

Lion Renews for Three Years at Springs Road

Lion Renews for Three Years at Springs Road, East Tamaki 16/09/2013

DNZ Property Fund Limited (“DNZ”) is pleased to announce that Lion has renewed its lease at 9 Springs Road, East Tamaki, Auckland, for a further three years to 30 September 2017.

 
DNZ Chief Executive, Paul Duffy, said “Securing Lion at Springs Road a year prior to its renewal date is an excellent example of DNZ’s pro-active management approach. This lease, which was due for renewal in October 2014, has reduced DNZ’s FY15 lease expiry by 2.92% to 11.71% (when measured as at 30 June 2013).”

The 21,349m² facility is one of New Zealand’s largest liquor packaging and distribution operations. Lion – Beer, Spirits & Wines (NZ) Ltd occupies the whole site.
 


 
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 $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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