Nine Year Lease Extension at 33 Corinthian Drive, Auckland

Nine Year Lease Extension at 33 Corinthian Drive, Auckland

DNZ – Nine Year Lease Extension at 33 Corinthian Drive, Auckland 16/06/2015

DNZ Property Fund Limited (DNZ) advises that ASB Bank Limited has extended its lease term by nine years from expiry on 15 October 2016 to 15 October 2025. Effective from 16 June 2015, the lease has a remaining lease term of 10 years, four months.

 

The office building on Auckland’s North Shore has a current rental of $2.8 million per annum.

“This is a high quality facility and as at 31 March 2015 represented 4.72% of annual portfolio contract rental,” commented DNZ’s Chief Executive Peter Alexander. “We are pleased to confirm that ASB have renewed their lease, mitigating near term lease expiries in our portfolio and extending the weighted average lease term.”
 


 
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 $872.4 million (as at 31 March 2015) of commercial office, retail and industrial properties located in the main urban areas throughout New Zealand. As at 31 March 2015, DNZ Property Fund owned 41 properties with 281 tenants, a weighted average lease term (WALT) of 5.1 years and an occupancy rate of 96.6% over a net lettable area of 334,694m².

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 March 2015: Bunnings, Progressive Enterprises (Countdown), Foodstuffs (PAK’nSAVE & New World), ASB, NZ Government, The Warehouse, Fletcher Building, Westpac, Meridian and Lion. These 10 tenants represent 52% of DNZ’s total contract rental.

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