Acquisition - 505 & 507 Mt Wellington Highway

ACQUISITION OF 505 AND 507 MT WELLINGTON HIGHWAY

Property for Industry Limited (the Company, PFI) is pleased to announce its entry into unconditional agreements to purchase two properties located at 505 and 507 Mt Wellington Highway, Mt Wellington, Auckland (the Properties) for a combined purchase price of $36 million.

505 Mt Wellington Highway is leased to J.A. Russell Limited until October 2031, and 507 Mt Wellington Highway is leased to Johnson & Johnson (New Zealand) Limited until August 2030, with both tenants having additional rights of renewal past those dates. Together, the Properties have a total passing rent of ~$2.069 million.

The Properties have a total area of ~13,800 sqm. When combined with the Company’s existing properties at 509 and 511 Mt Wellington Highway, post settlement, PFI will have ~3.3 hectares of contiguous property fronting Mt Wellington Highway.

PFI’s Chief Executive Officer, Simon Woodhams notes: “We’re delighted to reach an agreement to acquire these properties, which allows us to continue to build our presence in the key Mt Wellington industrial precinct. The properties benefit from strong existing tenant covenants, while providing attractive redevelopment potential with PFI's neighbouring properties in the longer-term”.

Settlement of the acquisitions is expected to take place in December 2025.

ENDS

ABOUT PFI & CONTACT

PFI is an NZX listed industrial property specialist, owning over 90 quality properties worth more than $2 billion. Our well diversified portfolio is focused on strategic locations that drive value and growth for the industrial sector, for our tenants, and for our investors. Since listing on the NZX in 1994, we’ve built a strong track record of delivering consistent returns. We invest for the long-term, combining our capital and specialist industry capability to deliver the successful outcomes all our stakeholders need.

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]

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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