Sharechat Logo

PFI - 11 Sheffield Street, Blenheim Divestment

Monday 4th December 2023

Text too small?

Property for Industry Limited (PFI, the Company) is pleased to announce the divestment of the Company’s 11 Sheffield Street property in Riverlands, Blenheim.

 

The property, which is occupied by Move Freight Limited, has been unconditionally sold via Colliers for $7.45 million, representing a passing yield of 7.52%, or an approximate market yield of 7.11%. The property was acquired by PFI as part of a portfolio of properties in 2017 for $6.04 million and was last valued in December 2022 at $8.00 million.

 

Combined with the divestment of 10c Stonedon Drive and 15 Artillery Place, recently announced, these divestments realise combined gross proceeds of $36.85 million or more than 95% of the combined latest valuations of $38.55 million.

 

Settlement of the divestment is scheduled to take place on 20 December 2023. After initially repaying bank facilities, the proceeds from divestments will be used to fund the Company’s on-going brownfield opportunities.

 

ENDS



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

BLT - Revenue Growth and Profitable Third Quarter
MOVE Logistics Group - 1H24 Results
TRU - CEO Resignation and Interim CEO Appointment
JLG - Preliminary Half-Yearly Result and Trading Update
February 23rd Morning Report
Air New Zealand announces 2024 Interim Results
WHS sells Torpedo7 to focus on core brands
February 22nd Morning Report
MHM - Scheme of arrangement - Final court approval received
AIA - responds to calls from airline for greater regulation