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- Release Date: 16/12/13 14:59
- Summary: GENERAL: PFI: PFI Announces Positive Valuation Outcome
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PFI
16/12/2013 12:59
GENERAL
REL: 1259 HRS Property for Industry Limited
GENERAL: PFI: PFI Announces Positive Valuation Outcome
PFI ANNOUNCES POSITIVE VALUATION OUTCOME
NZX listed industrial property landlord Property For Industry (PFI) today
announced an expected net portfolio uplift of $19.5M or 2.4% from independent
valuations(i) to $841.7M.
The improvement in portfolio value over the prior calendar period was largely
attributable to continued market cap rate compression, particularly evident
on larger value prime properties, with an increasingly positive influence
from future market rental growth expectation.
PFI began the year with a portfolio of 50 properties valued at $382.2M. The
merger of the company with Direct Property Fund (DPF) and acquisition
activity increased the portfolio by an additional 33 properties totalling
$429.1M. Capital expenditure and property related prepayments of $10.9M,
together with the expected net uplift of $19.5M, provide the bridge to the
December 2013 portfolio value of $841.7M.
Independent valuers CBRE, Colliers International and Jones Lang LaSalle
carried out the valuations, which remain subject to audit. The final
valuation outcome will be confirmed in the financial results for the year
ended 31 December 2013, which will be announced on Monday, 17 February 2014.
PFI Chairman Peter Masfen said: "2013 has been a transformational year for
PFI with the DPF merger more than doubling the size of the company's
portfolio. The results of the valuation process provide further evidence of
the quality of PFI's enlarged portfolio."
Mr Masfen also noted that guidance for the financial year ending 31 December
2013 remains unchanged, with cash dividends expected to be in line with the
merger Information Memorandum at 7.04 cents per share.
Contact
For further information please contact:
Nick Cobham
General Manager (Joint)
Phone: +64 9 303 9656
Email: [email protected]
Simon Woodhams
General Manager (Joint)
Phone: +64 9 303 9652
Email: [email protected]
About PFI
PFI is New Zealand's only listed company specialising in industrial property.
PFI's portfolio of 83 industrial properties in Auckland, Hamilton, Mount
Maunganui, Wellington and Christchurch, is leased to 138 tenants.
www.pfi.co.nz
(i)Two valuation processes were carried out during the year. Former DPF
properties were valued as part of the business combination accounting for the
merger of PFI with DPF. This process resulted in an uplift of $7.6M, which is
included the $19.5M above.
End CA:00245245 For:PFI Type:GENERAL Time:2013-12-16 12:59:50
