Acquisition - 11C Norris Avenue, Te Rapa, Hamilton

NZX and media
announcement
—
27 June 2025

Page 1

ACQUISITION – 11C NORRIS AVENUE, TE RAPA, HAMILTON

Property For Industry Limited (the Company, PFI) is pleased to announce an unconditional agreement
to acquire a ~4,800 sqm site at 11C Norris Avenue, Te Rapa, Hamilton (the Property) for $2.24
million.

The Property is adjacent to the existing PFI property located at 558 Te Rapa Road, which is leased to
DEC Pharmaceutical Limited (DEC) to October 2034.

When combined with the Company’s existing property, post settlement, PFI will have a ~1.30-hectare
industrial holding close to key infrastructure, with a combined value of ~$11.84m.
1


11C Norris Avenue has been acquired with vacant possession. However, a lease has been entered
into with DEC for a three-year term, with effect from settlement, which results in a yield on the
purchase price of 6.65%.

Settlement of the acquisition is expected to take place in late-August 2025.

ENDS













ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 91 properties is leased to
around 126 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


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1
Based on the valuation of 558 Te Rapa Road as at 31 December 2024 and a pre-purchase valuation of 11C
Norris Avenue.