11 Sheffield Street, Blenheim Divestment

NZX and media
announcement
—
4 December | 2023


Page 1

11 SHEFFIELD STREET, BLENHEIM
DIVESTMENT
Property for Industry Limited (PFI, the Company) is pleased to announce the divestment of the
Company’s 11 Sheffield Street property in Riverlands, Blenheim.

The property, which is occupied by Move Freight Limited, has been unconditionally sold via Colliers for
$7.45 million, representing a passing yield of 7.52%, or an approximate market yield of 7.11%. The
property was acquired by PFI as part of a portfolio of properties in 2017 for $6.04 million and was last
valued in December 2022 at $8.00 million.

Combined with the divestment of 10c Stonedon Drive and 15 Artillery Place, recently announced, these
divestments realise combined gross proceeds of $36.85 million or more than 95% of the combined latest
valuations of $38.55 million.

Settlement of the divestment is scheduled to take place on 20

December 2023. After initially repaying
bank facilities, the proceeds from divestments 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
127 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