PFI share price leads index up on $800M merger

Sun, 14 Apr 2013

By Pattrick Smellie April 15 (BusinessDesk) - Property for Industry led the NZX50 up before lunchtime today as it announced a deal to merge with Direct Property Fund, an unlisted PIE in the same sector, to create a commercial property empire worth close to $800 million. PFI shares were up 4.9 percent at 11am, at $1.40, and were showing a 14.1 percent gain over the last 12 months. PFI's most recent annual report values its 50 industrial property assets at $382.2 million, while DPF's latest half-year report says its portfolio is valued at $410...

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