DNZ annual earnings fall 14 percent, signals $80M capital raising for new acquisitions

Tue, 21 May 2013

By Paul McBeth May 22 (BusinessDesk) - DNZ Property Fund, a diversified property investor, reported a 14 percent fall in annual earnings and plans to raise $80 million in a placement to institutional investors and a share purchase plan to help pay for two new acquisitions. Distributable profit, property investors’ favoured measure of earnings which strips out unrealised movements in the value of their portfolios, fell to $24 million, or 9.64 cents per share, in the 12 months ended March 31 from $27.8 million, or 11.22 cents, a year earlier,...

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