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DNZ Property refinances $400 mln banking facility

DNZ Property refinances $400 mln banking facility, extends maturity

By Suze Metherell

Oct. 31 (BusinessDesk) - DNZ Property Fund, the listed property investor, has refinanced its $400 million banking facilities, extending the expiry date on its loan.

The Auckland-based property investor has extended its two $200 million tranches by a year, with the first one due at the end of October in 2017, and the second tranche due October 2019, securing more favourable margins and line fees were achieved, it said in a statement. The announcement comes after DNZ revalued its property portfolio to $788 million at Sept. 30.

The banking facility is split with ANZ Bank New Zealand, Bank of New Zealand and Commonwealth Bank of Australia each providing 20 percent and Westpac New Zealand
providing 40 percent of loan requirements. DNZ lifted the value of its banking facility to $400 million from $300 million last year, according to its annual report.

Chief executive Peter Alexander, who joined the company in December, is aiming to restructure the property investor to boost returns. In May, the company posted an 8.7 percent drop in annual profit to $41.6 million in the year ended March 31, after writing down the value of development work on its Johnsonville retail shopping centre in Wellington by $3.2 million, and a $188,000 write down on a new office building in Albany, Auckland.

Shares of DNZ rose 0.3 percent to $1.765 and have gained 15 percent since the start of the year. The stock is rated an average 'hold' based on five analyst recommendations compiled by Reuters, with a median price target of $1.67.

(BusinessDesk)

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