DNZ sells Auckland property for $18m
DNZ says it will use the proceeds to repay bank debt ahead of the purchase of three Foodstuffs supermarkets.
The DNZ Property Fund (NZX:DNZ) has announced the unconditional sale of 129 Hurstmere Road, Takapuna on Auckland's North Shore, for $18.067 million.
This follows the sale of 99-105 Customhouse Quay, Wellington, for $13.500 million, announced last week.
The gross total of these two transactions is $31.567million with both sales scheduled to settle on September 15.
DNZ chief executive Paul Duffy says, “These two property sales were transacted off market by the DNZ management team, and concluded slightly above the 31 March 2011 valuations.
"Net proceeds from the sales will be utilised to repay bank debt ahead of the purchase of the three Foodstuffs supermarkets, announced by the company last month, which will further add to the quality of the DNZ portfolio.”
Niko Kloeten
Wed, 24 Aug 2011
Wed, 24 Aug 2011
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DNZ sells Auckland property for $18m
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