DNZ Land Settlement Completed

DNZ Land Settlement Completed

DNZ Land Settlement Completed 1/11/2013

DNZ Property Fund Limited (“DNZ”) has settled a 50% share on a vacant 220m² portion of land fronting Johnsonville Road, Wellington, for a purchase price of $220,000. The total purchase price was $440,000 and was purchased with DNZ’s co-owner of the shopping centre, Diversified NZ Property Fund Limited.

 
Patrick O’Reilly, DNZ Acting Chief Executive, said “This is a strategic piece of land for the future redevelopment plans of Johnsonville Shopping Centre.”
 


 
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.

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