PFI - Property for Industry Limited Launches Bond Offer

Monday 30th March 2026

Property for Industry Limited (PFI) announced today that it is offering up to $125,000,000 (with the ability to accept oversubscriptions of up to an additional $75,000,000 at PFI’s discretion) of 6.5 year senior secured fixed rate bonds (Bonds) to New Zealand retail and institutional investors and Australian institutional investors.

The offer opens today and will be made pursuant to the Financial Markets Conduct Act 2013 as an offer of debt securities of the same class as existing quoted debt securities. The Bonds are expected to be quoted on the NZX Debt Market under the ticker code PFI040.

The Interest Rate for the Bonds will be equal to the sum of the Base Rate plus the Issue Margin.

The indicative Issue Margin range for the Bonds is 1.30% to 1.40% per annum. An announcement of the actual Issue Margin (which may be within, above or below the indicative Issue Margin range) and Interest Rate is expected to be made via NZX on 1 April 2026 following a bookbuild process. The Bonds are expected to be issued on 13 April 2026.

Full details of the Bond offer are contained in the indicative terms sheet which is attached, along with the investor presentation. The offer documents are available through www.pfibondoffer.co.nz.

There is no public pool for the offer, with all the Bonds reserved for clients of the Joint Lead Managers, Primary Market Participants and other approved financial intermediaries. Interested investors should contact one of the Joint Lead Managers (details below) or their financial advice provider for more details.

Arranger and Joint Lead Manager

- Westpac - Phone: 0800 772 142

Joint Lead Managers

- Bank of New Zealand - Phone: 09 924 9602

- Craigs Investment Partners Limited - Phone: 0800 272 442

- Forsyth Barr Limited - Phone: 0800 367 227

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