Property for Industry shareholders vote to internalise management

Thu, 22 Jun 2017

By Sophie Boot June 22 (BusinessDesk) - Property For Industry's managers will reap a $42 million payday after the industrial property investor's shareholders voted to internalise its management contract. At the company's annual meeting in Auckland this morning, 94.4 percent of votes cast were in favour of the motion to internalise. Management rights have been owned by PFIM Ltd since about 1994, with PFIM subcontracting its management role for Property for Industry. Former employees of the subcontractor, including Greg Reidy (managing dire...

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