- Release Date: 18/09/12 18:00
- Summary: ASSET: PFI: PFI Sells 80 Lunn Ave, Leases Last 2012 Expiry
- Price Sensitive: No
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PFI 18/09/2012 16:00 ASSET REL: 1600 HRS Property for Industry Limited ASSET: PFI: PFI Sells 80 Lunn Ave, Leases Last 2012 Expiry PFI SELLS 80 LUNN AVENUE, MOUNT WELLINGTON; LEASES LAST 2012 EXPIRY NZX listed industrial property landlord Property For Industry (PFI) has today announced that it has entered into an unconditional contract to sell 80 Lunn Avenue, a seven unit retail property at Mount Wellington. The sale price of $12.8 million represents a 10% premium to the property's 31 December 2011 valuation of $11.6 million and reflects an initial yield of 6.98%. Settlement is due to occur on 13 November 2012. The purchaser is a private investor and the sale was brokered by Colliers International. Nick Cobham, General Manager for PFI, said: "This sale is in line with our strategy of recycling capital when the appropriate opportunity presents - in this instance a sale of a non-core property at a compelling yield. With the increased balance sheet capacity PFI will continue to look for added value from its existing industrial property portfolio and seek to acquire accretive core industrial opportunities." As at 30 June 2012 PFI's gearing(1) was 30.1%. The net sale proceeds from the sale of 80 Lunn Avenue will reduce PFI's gearing by approximately 3% upon settlement. 80 Lunn Avenue, originally constructed in the late 1980's and utilised as a PlaceMakers, was redeveloped in 2006 into high profile retail units. Further to this sale PFI today announced a new six year lease to Outside Broadcasting Limited (OSB), a subsidiary of Sky Network Television Limited, at 10 Niall Burgess Road, Mount Wellington, effective 1 December 2012. OSB has been a tenant in this prime industrial property since 1 December 2006. General Manager, Nick Cobham, said: "With this new leasing to OSB announced today, there are no further lease expiries pending for PFI in 2012." Contact For further information please contact: Nick Cobham General Manager DDI: +64 9 303 9656 Mob: +64 21 464 583 Email: [email protected] About PFI PFI is New Zealand's only listed company specialising in industrial property. PFI's portfolio of 48 industrial properties in Auckland, Wellington and Christchurch, is leased to 84 tenants. (1)Ratio of adjusted total liabilities to total assets, refer to note 9(iii) of PFI's unaudited interim condensed consolidated financial statements (the financial statements) as at and for the six months ended 30 June 2012. End CA:00227437 For:PFI Type:ASSET Time:2012-09-18 16:00:50
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