Sharechat Logo

AMP Capital sells Property For Industry management contract to DPF Management

Friday 30th September 2011

Text too small?

AMP Capital Investors agreed to sell the management contract for Property For Industry to Auckland-based DPF Management

Terms for the deal weren’t immediately disclosed. PFI owns 50 industrial properties valued at $351 million, AMP Capital said in a statement. The transaction settles on Jan. 20, 2012.

AMP Capital reaped $933,000 in management fees in PFI’s first half, down from $962,000 a year earlier. PFI’s first-half revenue fell 2.5% to $15.6 million and profit was little changed at $8.3 million

The Wellington-based fund manager said it accepted an unsolicited offer from DPF after gaining the approval on PFI’s two independent directors. No mention was made of an independent assessment.

DPF is an Auckland-based property company with six shareholder groups, according to the Companies Office. Greg Reidy, director of the DPF unit that will hold the management contract, PFIM, wasn’t immediately available to comment.

“The new management group intends to continue with a business-as-usual approach,” comments attributed to him in the media release say.

Shares of PFI rose 0.9% to $1.17, valuing the firm at $256 million. They have slipped about 14% in the past five years.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

Property For Industry shares seen as expensive, downgraded to 'sell' by Craigs
Property for Industry 1H rental income rises 8.8 percent , profit lifted by non-cash items
PFI trading volumes at 8-year high ahead of index re-weighting
PFI share price leads index up on $800M merger
Property for Industry 1H earnings fall 4.9%, flags reduced dividend
Property For Industry 1Q profit falls on lower sales, occupancy
Property For Industry FY earnings fall 13%
Property For Industry nine-month earnings slide 15 percent
UPDATED: DPF doubles portfolio on PFI contract, mum on price
PFI announces first-half result and stable dividend