PFI
08/07/2014 13:53
ASSET
REL: 1353 HRS Property for Industry Limited
ASSET: PFI: PFI Acquisition and Sales
PFI ACQUISITION AND SALES
Acquisition
NZX listed industrial property landlord Property For Industry (PFI) today
announced that it has entered into an unconditional contract to acquire an
industrial property located at 143 Hutt Park Road, Wellington.
The property, which is currently being developed by Kea Property Group,
comprises a 7,245 sqm warehouse, 1,350 sqm canopy and 762 sqm of office and
amenities on a 14,995 sqm site.
On completion of the development a new 10 year lease will commence with
Masterpet Corporation Limited, a wholly owned subsidiary of NZX listed EBOS
Group Limited, who will operate a distribution centre from the property. The
rental on the property will be $1.160 million and the lease contains index
linked rent reviews every three years.
PFI has contracted to purchase the property for $15.267 million, equating to
a yield of 7.6% and settlement is expected to occur mid-August 2014.
Sales
In addition to the sales (i) announced earlier this year, PFI has sold 19B
and 19C Omega Street, Auckland, for $2.000 million (ii). The sale of 19B
Omega Street is due to settle on 1 July 2014 and the sale of 19C Omega Street
settled on 5 June 2014.
In total, PFI has sold five non-core properties during the first six months
of 2014 for combined gross sales proceeds of $12.200 million.
Closing
The management team of PFI noted: "The acquisition of 143 Hutt Park Road in
Wellington combined with PFI's recent sales are examples of PFI's strategy of
recycling capital from the sale of non-core property into core industrial
opportunities."
Contact
For further information please contact:
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 80 industrial properties in Auckland, Hamilton, Mount
Maunganui, Wellington and Christchurch, is leased to 134 tenants.
www.propertyforindustry.co.nz
(i) 174B Marua Road, 326 Rosebank Road, 5 Cable Street.
(ii) Combined gross sales proceeds.
End CA:00252549 For:PFI Type:ASSET Time:2014-07-08 13:53:54
