Rosebank Road Acquisition

NZX and media
announcement
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5 October 2020



ROSEBANK ROAD ACQUISITION
Property for Industry Limited (PFI) is pleased to announce the acquisition of an industrial estate located
at 528-558 Rosebank Road in Avondale, Auckland.

The estate comprises nine buildings with a lettable area of ~27,000 sqm on a five-hectare site and is
one of the largest land holdings on Rosebank Road, an industrial precinct that PFI already has a
significant presence within.

The estate is fully occupied by five tenants and generates an annual rent of more than $3.4 million.
ETEL, New Zealand’s largest manufacturer of distribution transformers, is the largest tenant and
represent ~75% of the annual rent roll. ETEL have been in occupation since 2002, and their current
lease expires in 2028. When combined with the other tenants on the site, including current PFI tenant
and EBOS subsidiary, Pharmacy Retailing, the estate has a weighted average lease term of around six
years.

The purchase price is $65.55 million, representing an initial return of 5.2%. Settlement of the acquisition
will take place during the fourth quarter of 2020.

PFI Chief Executive Officer Simon Woodhams noted: “In line with the update that we provided with our
recent interim result, we have been continuing to target acquiring quality industrial properties in sought-
after areas. The acquisition of this significant industrial estate in Avondale’s Rosebank Road increases
our Auckland weighting and provides PFI with secure cash flows from high quality tenants like ETEL and
EBOS.”

ENDS







ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 93 properties is leased to
140 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