Property For Industry to buy $69.5m portfolio, funded through discounted rights issue

Tue, 03 Oct 2017

By Paul McBeth Oct. 4 (BusinessDesk) - Property For Industry has bought nine properties for $69.5 million to extend the average lease term of its existing portfolio and acquire development opportunities in the future, and will pay for the deal through a discounted rights issue, The Auckland-based company adds eight industrial properties and one head office to its existing $1.1 billion portfolio of 83 properties, which will increase the weighted average lease-term to 5.4 years from the current 4.8 years, it said in a statement. The deal w...

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