DNZ sells Hamilton property for $12.4 million

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.

BusinessDesk.co.nz

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