Tidal Road Acquisition
NZX and media
announcement
—
14 August 2019
TIDAL ROAD ACQUISITION
Property for Industry Limited (PFI) is pleased to announce that it has today finalised an agreement to
purchase an industrial property to be developed at Tidal Road in Mangere, Auckland.
Approximately 10,410 sqm of warehouse, 2,640 sqm of breezeway canopies and 740 sqm of offices is
to be developed by Aintree Group for Supply Chain Solutions, an established Auckland logistics provider.
A 12-year lease will commence on completion of the development and provides fixed rental growth of
2.5% annually.
The property was purchased in an off-market transaction for a net purchase price of $34.2 million, and
the project is estimated to provide PFI a 5.35% return.
The acquisition is subject to market standard conditions. An initial settlement is expected to take place
in October 2019, and the project is expected to be completed in February 2021.
PFI Chief Executive Officer Simon Woodhams noted: “The acquisition of the Tidal Road development is
an example of one half of the strategy we announced in February this year: to start replacing PFI’s non-
core properties with quality industrial properties in sought-after areas.”
Further details of this acquisition will be provided when PFI releases its interim results to the New
Zealand Stock Exchange on Monday, 19 August 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
147 tenants.
For further information please contact:
SIMON WOODHAMS CRAIG PEIRCE
Chief Executive Officer Chief Finance and Operating Officer
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Phone: +64 21 749 770 Phone: +64 21 248 6301
Email: woodhams@propertyforindustry.co.nz Email: peirce@propertyforindustry.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
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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