DNZ buys Newmarket office building for $17 million in 'preferred' location

Thu, 04 Jun 2015

By Paul McBeth June 5 (BusinessDesk) - DNZ Property Fund, which is almost halfway through a planned series of asset sales, has bought Heartland House in Newmarket, Auckland, for $17 million, in an area it describes as one of its preferred locations. The office and car-parking building includes seven retail units and the purchase price will give DNZ a yield of 7 percent, it said in a statement. The property has a weighted average lease term of 5.5 years, longer than DNZ's average WALT of 5.1 years. “This acquisition fits well with our s...

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