DNZ Property Refinances Banking Facility

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DNZ Property Fund has refinanced its $400 million banking facilities.

The listed property investor has extended its two $200m tranches by a year, with the first one due at the end of October in 2017, and the second tranche due October 2019. It has also secured more favourable margins and fees.

The announcement comes after DNZ revalued its property portfolio to $788m at September 30.

The banking facility is split with ANZ Bank New Zealand, Bank of New Zealand and Commonwealth Bank of Australia each providing 20 per cent and Westpac New Zealand 40 per cent.

DNZ lifted the value of its banking facility to $400m from $300m 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.

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