Sharechat Logo

DNZ sells in Wellington, buys in Auckland

Wednesday 8th February 2012

Text too small?

DNZ Property Fund, whose shares are trading at a seven-month high, agreed to buy a Bunnings Warehouse property in Auckland’s Mt Roskill for $24.5 million, while selling an office tower in Wellington for $20.3 million.

The Auckland property is leased to retailer Bunnings for 15 years with five yearly market reviews of rent, DNZ said in a statement today.

The DIY chain is DNZ’s biggest tenant, and the latest acquisition will see Bunnings contributing about 10 percent of the property investor’s rental income. That’s at the upper limit of DNZ’s investment risk management strategy, it said.

DNZ separately sold an office building at 3-11 Hunter Street in Wellington. Both deals settle in March.

Shares of DNZ rose 0.4 percent to $1.31 on the NZX today, a level it touched on Jan. 31 for the first time since July 11 last year.

(BusinessDesk)

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

DNZ appoints Auckland Airport property GM Peter Alexander as new chief
DNZ Property sells $60M of shares to institutions at 1.8 percent discount
DNZ annual earnings fall 14 percent, signals $80M capital raising for new acquisitions
DNZ Property Fund increases occupancy rate to 99.2 percent
DNZ boss Duffy cashes in at share price peak with $1.65M sale
DNZ Property lifts first half profit on stable rents, falling expenses
DNZ lifts contracted rentals slightly, extends lease term
DNZ boosts annual earnings 27%, flags dividend rise in 2013
DNZ portfolio's value steady, occupancy & lease terms rise
DNZ extends average lease term