Acquisition - Spedding Road, Whenuapai

propertyforindustry.co.nz


20 February 2026

NZX and media
announcement
Property for Industry
Limited (PFI)

ACQUISITION – SPEDDING ROAD, WHENUAPAI


Settlement of Spedding Road Acquisition
Further to an initial announcement made on 9 October 2023 and periodic updates since that time, Property for
Industry (PFI, the Company) has now settled the acquisition of ~5.8 hectares of land at the Spedding Road Industrial
Estate, Whenuapai, under a deferred settlement structure.

Having previously paid a deposit of $2.03 million (being 5% of the total purchase price) in September 2024, the
first deferred settlement payment of ~$18.32 million (representing 45% of the total purchase price), was paid on 20
February 2026. Two further deferred settlement amounts of ~$10.17 million are due in February 2027 and February
2028 respectively.

Stage One of PFI’s development at the Spedding Road Industrial Estate is due to commence in March 2026 and will
be undertaken on a speculative basis, with completion expected in Q4 FY27.

~8,500 sqm of Green Star rated warehousing is planned for the initial stage, with a flexible design allowing multiple
units ranging from ~1,800 to the full 8,500 sqm. The project is expected to involve an investment of ~$40 million
including land and target a yield on cost of ~6.5% including land. Future stages at Spedding Road provide a further
~4.0 hectares of land, expected to be developed over the next 3-4 years for an estimated cost of ~$70 million.

Simon Woodhams, CEO of PFI, said: “The settlement of the acquisition of this property at Spedding Road is a
significant milestone for PFI. It allows us to move forward with this development to bring best-in-class Green Star
buildings to an Auckland location which is set to experience continued growth into the future”.

END

ABOUT PFI
PFI is an NZX listed industrial property specialist,
owning over 90 quality properties worth more than
$2 billion. Our well diversified portfolio is focused on
strategic locations that drive value and growth for
the industrial sector, for our tenants, and for our
investors. Since listing on the NZX in 1994, we’ve
built a strong track record of delivering consistent
returns. We invest for the long-term, combining our
capital and specialist industry capability to deliver
the successful outcomes all our stakeholders need.

CONTACT
SIMON WOODHAMS

Chief Executive Officer
—
+64 21 749 770
woodhams@pfi.co.nz
CRAIG PEIRCE

Chief Finance and
Operating Officer
—
+64 21 248 6301
peirce@pfi.co.nz
Property for Industry
Limited

—
Level 4, Hayman
Kronfeld Building,
15 Galway Street,
Auckland 1010
—
PO Box 1147,
Shortland Street,
Auckland 1140