Listed property investor DNZ Property Fund agreeds to buy the fully-leased property for $78m.

Lease expiry risk greatly reduced.

The shares rose 0.3% to $1.625 today, a 7% premium to the property investor's net tangible asset value of $1.518.

Net profit climbs to $12.1 million in the six months ended September 30, from $8.2 million a year earlier.

Chief executive Paul Duffy says management completed 33 lease transactions in the three months, increasing net contracted annual rentals to $58.6 million from $58.2 million.

DNZ Property Fund portfolio's value is steady and it has increased both its occupancy rate and weighted average lease term in the past year.