PFI - 15 Artillery Place, Nelson Divestment

Wednesday 18th October 2023

Property for Industry Limited (PFI, the Company) is pleased to announce the divestment of the Company’s 15 Artillery Place property in Richmond, Nelson.

The property, which is occupied by Move Freight Limited, has been unconditionally sold via Colliers for $8.50 million, representing a passing yield of 7.26%, which approximates the market yield. The property was acquired by PFI as part of a portfolio of properties in 2017 for $7.01 million and was last valued in June 2023 at $9.65 million.

Combined with the divestment of 10c Stonedon Drive, announced yesterday, these divestments realise combined gross proceeds of $29.40 million or more than 96% of the combined latest valuations of $30.55 million.

Settlement of the divestment is scheduled to take place mid-March 2024. After initially repaying bank facilities, the proceeds from both divestments will be used to fund the Company’s on-going brownfield opportunities.

ENDS

15 Artillery Place, Nelson Divestment

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