DNZ Sells Office Property in Albany, Auckland

DNZ Sells Office Property in Albany, Auckland

DNZ Sells Office Property in Albany, Auckland 1/07/2015

DNZ Property Fund Limited (DNZ) has entered into an unconditional contract to sell the office property at 51 Corinthian Drive, Albany, Auckland, for $15,150,000. The property was valued at $14,700,000 as at 31 March 2015.

 

DNZ has previously announced that the $155 million NorthWest Shopping Centre project, with a forecast valuation on completion of $170 million, 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 September 2015. Since announcing its divestment programme, DNZ has agreed sales with a total value of $46.7 million.
DNZ has also settled on the acquisition of the investment property at 35 Teed Street, Newmarket, Auckland for $17.0 million.

 


 

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 $118.4 million (as at 31 March 2015) 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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