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Occupancy Focus Pays Off For Property For Industry

Focus On Occupancy Pays Off For Property For Industry

Listed industrial property investor Property For Industry says it is well placed to take advantage of investment opportunities in 2002, after capping off last year with a series of sales and leasing transactions.

These took occupancy levels in PFI’s investment portfolio to 99 percent.

PFI general manager Mr Peter Alexander said in 2001, the company had focused on portfolio activity such as expansion projects for existing tenants, divestment of non-core properties and leasing of vacant space within its investment portfolio.

The company concluded two sales and two leases in the final weeks of the year:

- The sale of the BOC Gases property, at 334 Rosebank Rd, Avondale, to private investors for $735,000. This represents a yield of 8.98 percent.

- The sale of Stage II of the company’s Porana Rd property in the Wairau Valley, following a refurbishment to the occupants’ requirements. The sale was at book value of $2.69 million.

- The leasing of 1 Ron Driver Place, East Tamaki, to Lighting & Fan Agencies for 10 years.

- The leasing of 29 Andrew Baxter Drive, Mangere to ABC Distribution.

“We have begun 2002 in a strong position with a near fully occupied portfolio and the financial capacity to fund further acquisitions and expansion” said Mr Alexander.

PFI’s financial result for the 2001 year is due to be announced on February 18.

ends

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