Retirement of Paul Duffy as Director

Retirement of Paul Duffy as Director

Retirement of Paul Duffy as Director 16/10/2013

As previously announced, Paul Duffy has completed his term as Chief Executive of the Company. In connection with his retirement, Mr Duffy has resigned as a Director of DNZ Property Fund Limited and its wholly-owned subsidiary, DNZ Holdings Limited, effective today, 16 October 2013.

 
Paul Duffy said “I have thoroughly enjoyed my time at DNZ and am pleased that I am leaving DNZ as a Company that is well governed, with a strong and capable management team. I will still have some involvement with the Company through my role with Diversified NZ Property Fund Limited as a member of the Diversified Board and Investment Committee.”

Tim Storey, DNZ Chairman, said “During Paul’s leadership, the Company has proactively managed and grown its property portfolio, achieving some of the best performance indicators in the listed property sector. This has allowed the Company to maintain a strong and sustainable dividend, and deliver significant share price growth, earning the respect of the market following the Company’s NZX listing. We wish Paul all the very best for the future.”
 


 
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 $760.2 million (as at 31 July 2013*) of commercial office, retail and industrial properties located in the main urban areas throughout New Zealand. As at 30 September 2013, DNZ Property Fund owned 47 properties with 293 tenants, a weighted average lease term of 5.6 years and an occupancy rate of 99.4% over a net lettable area of 365,912m².

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 September 2013: Bunnings, Progressive Enterprises (Countdown), NZ Government, Foodstuffs (PAK’nSAVE & New World), ASB, Fletcher Building, The Warehouse, Westpac, Meridian Energy and Lion. These 10 tenants represent 52% of the Company’s total contract rental.

* 31 March 2013 valuations plus the purchase price of the Silverdale Centre and Westgate Zone 5 Land less assets sold post 31 March 2013 balance date.

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