Sharechat Logo

DNZ sells Hamilton property for $12.4 million

Wednesday 10th December 2014

Text too small?

DNZ Property Fund, the listed property investor, sold an industrial site in Hamilton for $12.4 million, with the funds going into its Westgate Mall project.

The Auckland based company has an unconditional agreement to sell its Te Rapa Road industrial site for book value to an undisclosed buyer, it said in a statement. The sale should settle in January next year

The funds will be used for DNZ's $155 million Westgate Mall project, which the property investor has previously said will be paid for through existing bank facilities and the sale of non-core assets. Since announcing its divestment programme, DNZ has agreed sales with a total value of $25.3 million, it said.

Shares of the company fell 0.5 percent to $1.87 and have gained 23 percent since the start of the year.





NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

NZ dollar holds gains on improved dairy, bank capital outlook
MARKET CLOSE: NZ shares gain; banks rally on Reserve Bank capital decision
NZ dollar rises; bank capital rules less harsh than expected
RBNZ relaxes capital requirements, allows preference shares, extends phase-in
NZ dollar extends gain amid mixed US data, possible trade progress
MARKET CLOSE: NZ shares dip on eve of major regulatory decisions
NZ dollar sees off global headwinds, holds above 65 US cents
NZ dollar holds above 65 US cents; dairy auction prices mixed
Dairy index falls on weaker butter, milk fat demand
MARKET CLOSE: NZ shares join global decline; US tariff move weighs on exporters

IRG See IRG research reports