DNZ Sells Two Wellington Properties

DNZ Sells Two Wellington Properties

DNZ Sells Two Wellington Properties 4/12/2014

DNZ Property Fund Limited (DNZ) has unconditionally sold two properties in Wellington: 12 Tyers Road and 13 Jarden Mile. The total sale price of $5.3m represents a 5.5% premium above book value.

DNZ has previously announced that the $155m Westgate Mall project will be funded from DNZ’s current bank facilities and that divestment activity of non-core assets will be undertaken over the duration of the project.

Settlement for both properties is scheduled for January 2015. Since announcing its divestment programme, DNZ has agreed sales with a total value of $12.9m.

For Further Information Please Contact:
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.

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