30 Apr 2010

Property portfolio down

1:38 pm on 30 April 2010

DNZ Property Fund Limited says the value of its property portfolio has fallen 3.4% to $700 million.

Chairman Tim Storey says the financial crisis and property downturn

has required the board to reduce debt.

It sold $46.9 million worth of property in the year to March and another $36.6 million since then.

A dividend of 1.3 cents per share will be paid for the March quarter.