Acquisition of 306 Neilson Street, Penrose

NZX and media
announcement
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1 June | 2018






ACQUISITION OF 306 NEILSON STREET,
PENROSE

Property for Industry Limited (PFI, the Company) is pleased to announce the purchase of an industrial
property located at 306 Neilson Street in Penrose, Auckland.

The property comprises a 5,490 sqm warehouse and 812 sqm of office and amenities on a 9,781 sqm
site, and is leased for 10 years on a triple-net basis to Trade Depot, a specialist in home improvement
products. The lease provides fixed rental growth of 2.25% annually.

The property was purchased in a sale and lease back transaction for a net purchase price of $16.0
million, representing a yield on purchase of 5.5%.

PFI General Manager Simon Woodhams noted: “This property is adjacent to three properties already
owned by PFI, and on settlement the Company will own an industrial estate comprising around 4.5
hectares of contiguous property contained in four titles in a sought-after Auckland industrial location.”

Settlement is expected to take place on 22 June 2018.

ENDS













ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 92 properties is leased to
148 tenants.

For further information please contact:

SIMON WOODHAMS CRAIG PEIRCE
General Manager Chief Financial Officer and Company Secretary
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Phone: +64 9 303 9652 Phone: +64 9 303 9651
Email: woodhams@pfi.co.nz Email: peirce@pfi.co.nz
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Property for Industry Limited
Shed 24, Prince’s Wharf, 147 Quay Street, Auckland 1010
PO Box 1147, Shortland Street, Auckland 1140
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www.propertyforindustry.co.nz