DNZ Extension of Bank Facility

DNZ Extension of Bank Facility

DNZ Extension of Bank Facility 31/10/2013

DNZ Property Fund Limited (“DNZ”) is pleased to announce that, effective 31 October 2013, it has refinanced the Company’s bank facility with its banking partners, ANZ Bank New Zealand Limited, Commonwealth Bank of Australia, Bank of New Zealand, and new DNZ banking syndicate member, Westpac New Zealand Limited.

 
As part of this process, the total facility has been increased from $300m to $400m, split into two equal tranches of $200m fixed for terms of three and five years, which expire in October 2016 and October 2018 respectively.
 


 
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 $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.

DNZ Land Settlement Completed
Retirement of Paul Duffy as Director