DNZ Property Fund is after a stronger portfolio with a focus on Auckland.
Chief executive Paul Duffy said the company has purchased an office building in Albany which is fully leased to Westpac, as well as some land for probable development between this building and one of its other assets.
DNZ Property is also looking at three design-builds in Penrose and two of those should be announced before Christmas.
Mr Duffy said a focus for the future is to maintain income and occupancy levels.
Shares in DNZ Property Fund closed unchanged at $1.575 on Thursday after reporting a profit of $12.1 million in the six months to the end of September, compared to 8.2 million last year.
Revenue increased 4% to 27 million and its occupancy rate is now 99%.
DNZ owns about 50 premises throughout the country.