DNZ Completes New Hydraulink Fluid Connectors Facility

DNZ Completes New Hydraulink Fluid Connectors Facility

DNZ Completes New Hydraulink Fluid Connectors Facility at Penrose, Auckland 13/12/2013

DNZ Property Fund Limited (“DNZ”) is pleased to announce the new Hydraulink Fluid Connectors Limited 2,890m2 warehouse and office facility at O’Rorke Road in Penrose, Auckland, has been completed. The 12 year lease with Hydraulink has two yearly rent reviews to market.

 
Peter Alexander, Chief Executive Officer of DNZ, said “The completion of this new design build facility for Hydraulink adds another quality building and tenant to DNZ’s portfolio. Following the recent completion of the neighbouring 1,400m2 AA Insurance facility, there is just 1.0 hectare of land available for development on this 5.2 hectare site owned by DNZ.”

Hydraulink-Penrose

 


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

Paul Duffy, Chief Executive, DNZ Property Fund Limited
DDI: 09 913 1154 – Mobile: 021 843 758 – Email: paul.duffy@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 $770.6 million (as at 30 September 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 $117.4 million (as at 30 September 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.

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