8A & 8B Canada Crescent, Christchurch Divestment

NZX and media
announcement
—
6 December 2022

Page 1

8A & 8B CANADA CRESCENT, CHRISTCHUCH
DIVESTMENT
Property for Industry Limited (PFI, the Company) is pleased to announce the divestment of the
Company’s 8A & 8B Canada Crescent properties in Christchurch.

The properties, which are 1990s era specialised cold storage facilities, have been unconditionally sold
to the existing tenant in an off-market transaction for a gross sales price of $21.0 million, representing a
passing yield of ~6.5%. The properties were originally purchased by PFI in November 2012 for $11.25
million and were last valued in December 2021 at $19.75 million.

Settlement of the divestment is scheduled to take place early-April 2023. After initially repaying floating
rate bank facilities, the proceeds will be used to fund the $66 million redevelopment of the Company’s
Bowden Road site in Mount Wellington.

“This is the fifth divestment PFI has secured since the beginning of the year,” notes PFI Chief
Executive Officer, Simon Woodhams. “Combined, these properties have generated gross proceeds of
$43.4 million and have been sold at an average of 9% above their most recent book values.”

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
around 132 tenants.

For further information please contact:

SIMON WOODHAMS
Chief Executive Officer
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Phone: +64 21 749 770
Email: woodhams@pfi.co.nz
CRAIG PEIRCE
Chief Finance and Operating Officer
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Phone: +64 21 248 6301
Email: peirce@pfi.co.nz
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Property for Industry Limited
Level 4, Hayman Kronfeld Building, 15 Galway Street,
Auckland 1010
PO Box 1147, Shortland Street, Auckland 1140
www.propertyforindustry.co.nz