17 Nov DNZ acquires 2% convertible notes
DNZ acquires 2% convertible notes in its managed Property Fund 17/11/2014
DNZ Property Fund Limited (DNZ) has acquired 2,126,571 convertible notes (approximately 2%) in Diversified NZ Property Fund Limited for $1,602,315. Diversified NZ Property Fund Limited is a wholesale investment fund managed by DNZ.
The convertible notes were previously held by Diversified Management Limited (50% owned by interests associated with Paul Duffy – former Chief Executive of DNZ). Diversified Management Limited had originally acquired the convertible notes in connection with its role as manager of Diversified NZ Property Fund Limited, a role assumed by DNZ in 2010. Ownership of the convertible notes by the Manager aligns the interests of DNZ with the investors in Diversified NZ Property Fund Limited.
For Further Information Please Contact:
Tim Storey, Chairman, DNZ Property Fund Limited
Mobile: 021 633 089 – Email: email@example.com
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 $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.