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DNZ Property Fund increases occupancy rate to 99.2%

DNZ Property Fund has increased the occupancy rate in its portfolio of 47 buildings to 99.2 percent.

The owner of one of New Zealand's largest portfolios of investment property says 37 transactions during the three months ended December have greatly reduced its lease expiry risk.

The occupancy rate of 99.2 percent as at December 31, 2012, was up from 98.7 percent at March 31, 2012.

"The 37 transactions completed during this quarter is a continuation of the momentum achieved during the first two quarters of the current financial year," chief executive Paul Duffy says.

Transactions included 28 rent reviews that produced total annual rental income of $6.5 million, four lease renewals and five new lettings.

The fund had 47 properties as at December 31, 2012, compared to 51 properties as at March 31 last year.

Its top 10 tenants include Bunnings, Fletcher Building, Progressive Enterprises, Foodstuffs, the New Zealand government as well as banks and energy companies.