DNZ Acting Chief Executive

DNZ Acting Chief Executive

DNZ Acting Chief Executive 20/09/2013

DNZ Property Fund Limited (“DNZ”) announced today that DNZ’s General Manager Property, Patrick O’Reilly, has been appointed as Acting Chief Executive of DNZ to fill the position until Peter Alexander formally commences his role as Chief Executive in December.

 
Retiring Chief Executive, Paul Duffy, will remain with DNZ for a period to assist with the transition and to provide continuity to the business. Mr Duffy remains a director of DNZ.
 


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

Patrick O’Reilly, Acting Chief Executive, DNZ Property Fund Limited
DDI: 09 913 1065 – Mobile: 021 415 645 – Email: Patrick.O’Reilly@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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