04 Feb DNZ Sells Christchurch Office Building
DNZ Sells Christchurch Office Building 4/02/2014
DNZ Property Fund Limited (DNZ) has unconditionally sold the property at 7 Winston Avenue, Christchurch, for $6.72 million.
Settlement is scheduled for 28 March 2014.
For Further Information Please Contact:
Peter Alexander, Chief Executive Officer, DNZ Property Fund Limited
DDI: 09 913 1154 – Mobile: 0275 443 678 – Email: firstname.lastname@example.org
Jennifer Whooley, Chief Financial Officer, DNZ Property Fund Limited
DDI: 09 913 1150 – Mobile: 021 536 406 – Email: email@example.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 31 December 2013, DNZ Property Fund owned 47 properties with 297 tenants, a weighted average lease term of 5.5 years and an occupancy rate of 99.4% over a net lettable area of 369,407m².
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.