Sharechat Logo

Property for Industry Limited (NZX: PFI) Strategic Avondale Acquisition, Tidal Road Update

Wednesday 23rd December 2020

Text too small?

Property for Industry Limited is pleased to announce the acquisition of the industrial properties located at 670-680 Rosebank Road in Avondale, Auckland and wishes to provide an update on the industrial properties to be acquired at Tidal Road in Mangere, Auckland.

Strategic Avondale Acquisition

PFI has agreed to acquire the industrial properties located at 670-680 Rosebank Road in Avondale, Auckland. Located on a 2.8ha site, there are four buildings leased to two tenants: NZ Comfort Group Limited and Dunlop Flooring Limited.

PFI already owns neighbouring industrial properties on Rosebank and Patiki Roads. When combined with these sites, an industrial estate of 8.6ha valued in excess of $110 million will be created, just 250 meters from the North Western motorway system. This is a strategic acquisition that presents PFI with a longer-term opportunity to create value by integrating the property with the Company’s existing holdings.

The properties are fully occupied and generate an annual rent of around $1.7 million with a weighted average lease term of over 4 years. The purchase price is $39.0 million, representing an initial return of 4.4%. The estimated market yield is 4.9%, and settlement of the acquisition will take place during the first quarter of 2021.

Tidal Road Update

On 14 August 2019 and 17 December 2019 PFI announced agreements to purchase industrial properties to be developed at Tidal Road in Mangere, Auckland, for a total of $54.4 million.

The agreements to acquire these properties were subject to market standard conditions, including sunset dates. Following delays caused by the COVID-19 pandemic and associated New Zealand Government enforced lock-downs, these sunset dates have now been reached and the agreements have been cancelled.

See the link below for more details:

Strategic Avondale Acquisition, Tidal Road Update

Source: Property for Industry Limited

  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:

Chatham Rock Phosphate Limited (NZX: CRP) Chatham Successfully Completes Private Placement
Turners Automotive Group Limited (NZX: TRA) Upgrades FY21 Earnings Guidance
Blackwell Global Holdings Limited (NZX: BGI) Restructure of Business Operations
Vista Group International Limited (NZX: VGL) Vista Group appoints James Miller as Independent Director
Rakon Limited (NZX: RAK) Update of FY2021 Earnings Guidance
The a2 Milk Company Limited (NZX: ATM) Organisational Announcement
Reserve Bank of New Zealand Committed to Action as It Responds to Data Breach
MHM Automation Limited (NZX: MHM) Settlement of New Plymouth Building Sale
Napier Port Holdings Limited (NZX: NPH) First Quarter 2021 Trade Volumes
New Zealand Oil & Gas Limited (NZX: NZO) Mahato PSC Update - Oil Production

IRG See IRG research reports