PFI secures new five-year $150 million banking facility
By Jason Krupp
Dec. 24 (BusinessDesk) - Property for Industry, the specialised industrial property investment fund managed by AMP Capital Investors, has secured a new five-year bank debt facility of $150 million.
In a statement today the fund said the refinancing had taken place well in advance of the expiry of PFI’s existing facility, which was extended until September 2011. The new facility is provided by a syndicate comprising ANZ National Bank Ltd. and Commonwealth Bank of Australia.
PFI general manager Ross Blackmore said the tenure of the new facility, and the diversity provided by having two major trading banks as banking partners, was pleasing.
The new facility brings the fund's gearing currently at 30.9% following the sale of four properties during the year for more than $15 million.
Separately, the fund said it is in the process of conducting its annual portfolio revaluation, with early indications that previous declines in property values had stabilised, with expected to fall $1 million or 0.3%.
As it stands the fund's portfolio of 51 properties has a total gross value of approximately $353 million.
Shares were unchanged at $1.12, and have declined 4.2% in value so far this year.