Property For Industry portfolio lifts 9% in value this year to $1.09 billion

Friday 2nd December 2016

Property For Industry, the commercial property investor, expects its portfolio to lift 9 percent in value this year amid high demand.

The value of PFI's portfolio of 84 properties is estimated to have increased to $1.09 billion this month, from $1.01 billion as at June 30 and from $987 million at the start of the year, the Auckland-based company said in a statement, citing valuations from CBRE, Colliers International, Jones Lang LaSalle and Savills.

“Demand for industrial property from both investors and owner occupiers remains high, spurred on by low interest rates," said PFI general manager Simon Woodhams. "Rental growth, both forecast and already achieved, is also supporting values. Combined with a year of active portfolio management, we are pleased to report that these factors have led to PFI’s portfolio increasing in value."

The final valuations will be confirmed in the company's annual result due for release on Feb. 13 next year, PFI said.

The shares last traded at $1.54 and have slid 4.1 percent this year.

BusinessDesk.co.nz

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