Acquisition - 316 Neilson Street, Penrose, Auckland

ACQUISITION – 316 NEILSON STREET, PENROSE, AUCKLAND

Property For Industry Limited (the Company, PFI) is pleased to announce an unconditional agreement to acquire a ~5,600 sqm site at 316 Neilson Street, Penrose, Auckland (the Property) for $8.5 million.

The Property is adjacent to existing PFI properties located at 304, 306, 312, 314 and 318 Neilson Street, which have a combined value of $80.8 million.(1)

When combined with the Company’s existing holdings, post settlement, PFI will have a ~5.7-hectare estate zoned Heavy Industrial in one of Auckland’s key industrial precincts.

316 Neilson Street has been acquired on a sale-and-leaseback basis with a lease term of three-years at a purchase yield of 3.58%. In the longer term, the acquisition of the Property will facilitate future redevelopment of the Company’s Neilson Street properties.

Settlement of the acquisition is expected to take place in late-February 2025.

ENDS

(1) Based on valuations as at 30 June 2024 in each case, other than 316 Neilson Street, which was calculated using the pre-purchase valuation.

ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 90 properties is leased to around 124 tenants.

For further information please contact:

SIMON WOODHAMS
Chief Executive Officer
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Phone: +64 21 749 770
Email: [email protected]

CRAIG PEIRCE
Chief Finance and Operating Officer
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Phone: +64 21 248 6301
Email: [email protected]

Property for Industry Limited
Level 4, Hayman Kronfeld Building, 15 Galway Street, Auckland 1010
PO Box 1147, Shortland Street, Auckland 1140
www.propertyforindustry.co.nz

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Announcement PDF