Sharechat Logo

DNZ sells two Wellington properties for $5.3 mln to help fund Westgate Mall

Thursday 4th December 2014

Text too small?

DNZ Property Fund, the listed property investor, sold two Wellington buildings for $5.3 million, with the funds to contribute to its Westgate Mall project.

The Auckland based company sold the Jarden Mile office space tenanted by Armourguard Security and the Tyler Road industrial site housing Fonterra Brands, both in Wellington's Ngauranga Gorge, it said in a statement. The Jarden Mile site was valued at $2.6 million as at March 31, and the Tyler Rd at $2.7 million as at Sept. 30, according to notices lodged with the NZX.

The funds will be recycled into 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 embarking on its divestment programme DNZ has generated $12.9 million from asset sales.

In October, DNZ's board approved putting the two Wellington sites up for sale, later adding investment properties in Auckland and Hamilton, which had a fair value of $24.25 million as at Sept. 30.

Settlement is expected next month.

The shares rose 0.6 percent to $1.835, and have gained 19 percent this year.

 

 

 

 

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:

NZ dollar withstands poor manufacturing data
Bublitz to serve home detention following appeal
Former G8 boss takes over management of Evolve
Precinct boosts earnings, withholds $34m from Fletcher
Sky TV shares rise on US$40m RugbyPass acquisition
Precinct boosts earnings, withholds $34m from Fletcher
Sky TV shares rise on US$40m RugbyPass acquisition
NZ manufacturing activity shrinks for first time in seven years
Orr defends RBNZ rate cut, says monetary policy looks ahead, not behind
Michael Hill underlying earnings fall 14% as margins squeezed

IRG See IRG research reports