10c Stonedon Drive, East Tamaki Divestment

NZX and media
announcement
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16 October | 2023


Page 1

10C STONEDON DRIVE, EAST TAMAKI
DIVESTMENT
Property for Industry Limited (PFI, the Company) is pleased to announce the divestment of the
Company’s 10c Stonedon Drive property in East Tamaki, Auckland.

The property, which is a semi-specialised hazardous goods facility, has been unconditionally sold to the
existing tenant in an off-market transaction for $20.90 million, representing a passing yield of 4.94%.
The property was acquired by PFI as part of the merger with Direct Property Fund in 2013 for $10.35
million and was last valued in December 2022 at $20.90 million.

Settlement of the divestment is scheduled to take place late-June 2024. After initially repaying bank
facilities, the proceeds will be used to fund the Company’s on-going brownfield opportunities.

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
128 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