Acquisition of 12 Hautu Drive, Manukau

NZX and media
announcement
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24 October 2018


ACQUISITION OF 12 HAUTU DRIVE, MANUKAU

Property for Industry Limited (PFI, the Company) is pleased to announce the purchase of an industrial
property located at 12 Hautu Drive in Manukau, Auckland.

The property comprises a 4,488 sqm warehouse and 514 sqm of office and amenities on a 10,946 sqm
site, and is leased until 31 January 2030. The tenant, Kiwi Steel, are also the tenant at PFI’s 2,500 sqm
warehouse development on surplus land at Cavendish Drive. The lease provides fixed rental growth of
3.0% annually.

The property was purchased in an off-market transaction for a net purchase price of $12.3 million. The
return on the initial purchase price is 5.35%.

PFI General Manager Simon Woodhams noted: “This acquisition increases our presence in Wiri, one of
Auckland’s major industrial hubs, and a key precinct for PFI. The Company currently owns eight
properties in the wider Wiri / Manukau area, representing more than 10% of the portfolio.”

The acquisition of 12 Hautu Drive is in line with the Company’s strategy of investing in quality industrial
property and the acquisition will be accretive across a broad range of measures. The acquisition will also
increase PFI’s weighting to Auckland industrial property.

Settlement is expected to take place on 31 October 2018.

ENDS













ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 94 properties is leased to
147 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