DNZ sells Whangarei property to reduce debt
DNZ Property Fund Ltd has announced a conditional sale of a Whangarei property for $13.5 million, to help to reduce debt.
Sale of the property, on the Tauroa Street and State Highway One corner, is expected to settle on October 15.
It was part of the asset sale program disclosed on July 9.
As at May 31, Auckland-based DNZ Property Fund owned 55 properties with 265 tenants, with a portfolio value of $671m.
Back to home
Back to top
Print
Email
Share
Delicious
Digg
StumbleUpon
Reddit
Google
Yahoo
Technorati
Scoopit
NBR SERVICES
SUBSCRIPTIONS
Sign up for NBR subscriber content or email alerts
Latest
Comments and questions4
I never saw this for sale publicly? Who purchased it and was its current independent market value? It should have gone to open tender
Has the issue of Transit requiring some of this land for roading been sorted. Earlier this year Duffy (DNZ) said if Transit "wanted a chunk" of the Bunnings site DNZ may have to relocate Bunnings to another site. As the prospective purchaser is a syndication of small investors this needs to be addressed. A large empty building on the outskirts of Whangerei in the future is not very cash flow positive
This is a conditional sale to Commercial Property Investments Ltd . They have now offerred the public shares in the company which will own the property . $50000 per share - 160 shares plus bank funding
Is that the same Commercial Property Investments Ltd that has Paul Duffy listed as a director?? No wonder it didn't come on the market and these syndications can be such a fee provider!!!
Post new comment or question
To share this article, click on a service below