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PFI buys $17.2m Takanini property in sale and lease-back

Thursday 28th March 2019

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Property for Industry says it has bought an industrial property in Takanini for $17.2 million.

The property at 51-61 Spartan Road comprises a warehouse of about 2,700 square-metres, 1,100 sqm of canopies, 550 sqm of office and 15,000 sqm of yard, the property investor says.

The tenant, MaxiTRANS, is one of the largest suppliers of truck and trailer parts to the road transport industry in Australia and the largest supplier of locally manufactured road transport trailers in Australia and New Zealand, it says.

The 12-year lease will commence on settlement, expected tomorrow, and includes fixed rental growth of 2.75 percent annually. It also provides for PFI and MaxiTRANS to work together to develop the 2.4 hectare site further.

PFI says the sale and lease-back will provide an initial yield on the purchase price of 5.35 percent.

The purchase “is in line with the strategy we announced in February this year, which includes starting to replace PFI’s non-industrial assets with quality industrial properties in sought-after areas, either via acquisitions or by value-add strategies within the existing portfolio,” chief executive Simon Woodhams says.

(BusinessDesk)

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