PFI Expands For Hurricane Wire
Release to NZSE
Wednesday June 11, 2001
Listed industrial property investor Property For Industry (PFI) announced an expansion of its property at 18 Cryers Road, East Tamaki for tenant Hurricane Wire Products Limited.
Hurricane Wire is a New Zealand manufacturing icon and a major producer of nails, staples, fencing and steel reinforcement.
PFI will invest a further $560,000 in the property to extend the building by 1,225m2, add a canopy and upgrade the yard. As part of the agreement the lease on both the Cryers Road property and the adjoining property at 8 Stonedon Drive will be extended to 12 years from completion of the works (expiry is currently August 2009). The works are programmed for completion by October 2001.
PFI General Manager Peter Alexander said that at the time of purchase the property was identified as having potential for expansion. “Expansion potential is an important part of our strategy as it enables us to support our tenants as their business grows. Expansion or reconfiguration of existing sites is generally a preferred option for tenants as it avoids the cost and disruption of relocation.”
PFI purchased the properties in 1997 under a twelve-year sale and lease back.
PFI is New Zealand’s only listed Property Company investing exclusively in the New Zealand industrial property sector. The company is managed by AMP Henderson Global Investors, which manages over $360 billion of assets worldwide.