Acquisition of 51-61 Spartan Road, Takanini

NZX and media
announcement
—
28 March 2019


ACQUISITION OF 51-61 SPARTAN ROAD,
TAKANINI

Property for Industry Limited (PFI) is pleased to announce the purchase of an industrial property located
at 51-61 Spartan Road in Takanini, Auckland.

The property comprises approximately 2,700 sqm of warehouse, 1,100 sqm of canopies, 550 sqm of
office and 15,000 sqm of yard. The tenant, MaxiTRANS, is one of the largest suppliers of truck and trailer
parts to the road transport industry in Australia and the largest supplier of locally manufactured road
transport trailer solutions in Australia and New Zealand. A 12-year lease will commence on settlement
and provides fixed rental growth of 2.75% annually. The lease also contains an opportunity for PFI and
MaxiTRANS to work together to further develop the 2.4 hectare site.

The property was purchased in an off-market sale-and-lease-back transaction for a net purchase price
of $17.2 million. The return on the initial purchase price is 5.35%.

PFI Chief Executive Officer Simon Woodhams noted: “The acquisition of 51-61 Spartan Road is in line
with the strategy we announced in February this year, which includes starting to replace PFI’s non-
industrial assets with quality industrial properties in sought-after areas, either via acquisitions or by
value-add strategies within the existing portfolio.”

Settlement is expected to take place on 29 March 2019.

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
148 tenants.

For further information please contact:

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