DNZ sells Albany office block for $15.2 mln, above valuation

Wednesday 1st July 2015

DNZ Property Fund, which is more than halfway through an asset sale programme, has sold an office block in Auckland's Albany for $15.2 million, 3.1 percent above the property's last valuation.

The Auckland based property investor has entered into an unconditional contract to sell the building to an unidentified buyer for about $450,000 more than the building's $14.7 million valuation on March 31, it said in a statement. Settlement is scheduled for Sept. 30, and would take DNZ's agreed sales to $46.7 million.

The property investor plans to sell $80 million of property, which it will use to help fund its $155 million NorthWest Shopping Centre development.

Separately, DNZ said it settled the $17 million acquisition of Heartland House in Auckland's Newmarket.

DNZ shares increased 0.3 percent to $2.04, and have gained 6.5 percent this year.

BusinessDesk.co.nz

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