Wednesday 11th September 2013
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DNZ Property Fund has hired Auckland International Airport's property boss Peter Alexander to take over the reins when current chief executive Paul Duffy departs.
Alexander, currently Auckland Airport's general manager property and part of the transport hub's senior management team, will join the sixth-biggest listed property entity by market value on Dec. 10, DNZ said in a statement. The property fund's 46 properties are valued at $732.5 million as at June 30, compared to Auckland Airport's portfolio valuation of $635.9 million.
"Peter brings a great deal of experience from a variety of roles and companies within the property sector and joins us at a time when we are expanding our interests," DNZ chairman Tim Storey said.
"His experience in retail developments with Auckland International Airport will be invaluable as we assess a $120 million plus development of the Zone 5 enclosed shopping centre at the proposed Westgate Town Centre in West Auckland and seek other opportunities in the property sector," Storey said.
The board has been looking for Duffy's replacement since May, as the end of his contract with the property investor set for March 31 next year. He will stay on the board through a transition period while Alexander gets on top of the business, Storey said.
Duffy oversaw the public float of the company in 2010 after activist shareholders led by NZ Funds blocked the proposed buy-out of the management contract with Duffy and Alastair Hassell. Shareholders eventually agreed to a deal that gave Duffy and Hassell $35m in cash and shares.
The shares increased 0.3 percent to $1.645 today, and have gained 3.5 percent this year.
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