DNZ sells Hamilton property for $12.4m
The company has an unconditional agreement to sell its Te Rapa Road industrial site for book value to an undisclosed buyer.
DNZ Property Fund [NZX: DNZ], the listed property investor, sold an industrial site in Hamilton for $12.4 million, with the funds going into its Westgate Mall project.
The Auckland-based company has an unconditional agreement to sell its Te Rapa Road industrial site for book value to an undisclosed buyer, it said in a statement. The sale should settle in January next year
The funds will be used for DNZ's $155 million Westgate Mall project, which the property investor has previously said will be paid for through existing bank facilities and the sale of non-core assets. Since announcing its divestment programme, DNZ has agreed sales with a total value of $25.3 million, it said.
Shares of the company fell 0.5 percent to $1.87 and have gained 23 percent since the start of the year.
(BusinessDesk)
Suze Metherell
Wed, 10 Dec 2014
Wed, 10 Dec 2014
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DNZ sells Hamilton property for $12.4m
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