DNZ sells three properties to reduce debt
DNZ Property Fund Ltd has sold one Auckland and two Wellington properties for a total $25.5 million to help it reduce debt.
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DNZ Property Fund Ltd has sold one Auckland and two Wellington properties for a total $25.5 million to help it reduce debt.
The transactions bring total recent asset sales to $44.7m.
The buildings are at 7-19 Croftfield Lane in Wairau Park, on the North Shore, the corner of Cambridge Terrace and Hollands Crescent in Lower Hutt and 266-274 High Street in Lower Hutt.
"These transactions are part of DNZ Property Fund's capital management initiatives following the deferral of the capital raising proposal late last year," said Tim Storey chairman of DNZ Property Fund.
"The total sale price of $25.5m is near the 31 December 2009 valuations for these properties, and represent an excellent result given the difficult circumstances and uncertainty in the commercial property market at the moment," he said.
NZPA
Thu, 01 Apr 2010
Thu, 01 Apr 2010
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DNZ sells three properties to reduce debt
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