DNZ sells properties

Bill of saleDNZ Property Fund (DNZ) has unconditionally sold two Wellington properties.

The total sale price is $5.3 million, and represents a 5.5 per cent premium above book value.

The properties are 12 Tyers Rd and 13 Jarden Mile.

Settlement for both properties is set for January 2015.

In a prior statement, DNZ indicated that the funding of the $155 million Westgate Mall project will come from current bank facilities, with divestment activity of noncore assets to be undertaken throughout the duration of the project.

Since announcing its divestment programme, DNZ has agreed sales with a total value of $12.9 million.

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