DNZ Completes New AA Insurance Facility

DNZ Completes New AA Insurance Facility

DNZ Completes New AA Insurance Facility at Penrose, Auckland 5/11/2013

DNZ Property Fund Limited (“DNZ”) is pleased to announce the new AA Insurance Limited 1,400m2 warehouse and office facility at O’Rorke Road in Penrose, Auckland, has been completed and the nine year lease with AA Insurance has commenced.

 
Patrick O’Reilly, Acting Chief Executive of DNZ, said “This new design build project for AA Insurance adds another quality building and tenant to DNZ’s portfolio. The Hydraulink Fluid Connectors office and distribution centre, which is currently being built on the adjoining part of the site, is scheduled for completion this month, and this will leave just 1.0 hectare of land available for development on this 5.2 hectare site owned by DNZ.”

DNZ AA Insurance-1
 


 
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 FY14 Interim Results
DNZ Land Settlement Completed