Extension of Bank Facility and renegotiation of line fees and margins

Extension of Bank Facility and renegotiation of line fees and margins

Extension of Bank Facility and renegotiation of line fees and margins 31/10/2014

DNZ Property Fund Limited (“DNZ”) has advised, effective 31 October 2014, it has refinanced its bank facility extending the term of the two tranches of $200,000,000 each for a further one year, with Tranche A now expiring 31 October 2017 and Tranche B now expiring 31 October 2019.

 
More favourable line fees and margin were also achieved. DNZ’s secured borrowings are via syndicated senior secured facilities with ANZ Bank New Zealand Limited, Bank of New Zealand and Commonwealth Bank of Australia each providing 20% and Westpac New Zealand Limited providing 40% of loan requirements.
 


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

Peter Alexander, Chief Executive Officer, DNZ Property Fund Limited
DDI: 09 913 1154 – Mobile: 0275 443 678 – Email: peter.alexander@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 $788.0 million (as at 30 September 2014) of commercial office, retail and industrial properties located in the main urban areas throughout New Zealand. As at 30 September 2014, DNZ Property Fund owned 45 properties with 286 tenants, a weighted average lease term (WALT) of 5.4 years and an occupancy rate of 99.00% over a net lettable area of 358,307m².

DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internal management team. DNZ is also the manager of Diversified NZ Property Fund Limited, a $115.9 million (as at 31 March 2014) commercial property fund.

DNZ’s top 10 tenants as at 30 September 2014: Bunnings, Progressive Enterprises (Countdown), Foodstuffs (PAK’nSAVE & New World), ASB, NZ Government, Fletcher Building, The Warehouse, Westpac, Meridian and Lion. These 10 tenants represent 50.2% of the Company’s total contract rental.

* Twelve assets were independently valued as at 30 September 2014, are subject to final audit review and will be confirmed in DNZ Property Fund Limited’s interim consolidated financial statements for the six months ended 30 September 2014.

Interim Result for the six months ended 30 September 2014
Westgate Mall over 77.5% pre-leased