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- Release Date: 18/09/12 18:00
- Summary: ASSET: PFI: PFI Sells 80 Lunn Ave, Leases Last 2012 Expiry
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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
