DNZ Sells Office Property in Auckland

DNZ Sells Office Property in Auckland

DNZ Sells Office Property in Auckland 24/03/2015

DNZ Property Fund Limited (DNZ) has entered into an unconditional contract to sell the office property at 8 Rockridge Road, Auckland, for $6,300,000. The property was valued at $6,550,000 at the 30 September 2014 interim result.

DNZ has previously announced that the $155m NorthWest Shopping Centre project will be funded from a combination of DNZ current bank facilities and divestment of non-core assets over the duration of the project.

Settlement is scheduled for 30 March 2015. Since announcing its divestment programme, DNZ has agreed sales with a total value of $31.6m.

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 31 December 2014, DNZ Property Fund owned 45 properties with 292 tenants, a weighted average lease term (WALT) of 5.2 years and an occupancy rate of 99.0% 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 31 December 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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