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DNZ sells two more properties

Monday 1st November 2010

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DNZ Property Fund has sold another two of its properties for $20.7 million, with the proceeds of the sale used to pay off bank debt.

The Jackson Street property in Petone was sold for $13.6 million, and a vacant property on Bush Road in Albany sold for $7.1 million, following unsolicited offers on both, the company said in a statement today. The settlement dates are Feb 25 and July 31 respectively, both of which are unconditional.

This is the second time in just over two months that the company has sold properties to pay off bank loans, having disposed of two vacant industrial sites near the Auckland International Airport for $2.9 million in August.

The sales means the company will no longer be selling its Angelsea Street property in Hamilton, which has been taken off the market. As at May 31 DNZ owned 55 properties with 265 tenants.

The company also said it had renewed its lease with Beca Engineering at its Vincent Street property in Auckland for two years and one month, after which it will leave the premises.

The Board has also agreed to extend the date for the conditional sale of the property on the corner of Tauroa Street and State Highway One, Whangarei to Nov 5 from Oct 29.

On August 16, DNZ’s shares debuted on the NZX at 99 cents, a premium to the 97 cent a share issue price in its $45 million capital raising.

The company was added to the NZX 50 Index on Oct 18 following the exit of New Zealand Farming Systems Uruguay after it was taken over by Singapore’s Olam International.

Shares were unchanged on Friday at $1.18.

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