Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


PFI secures new five-year $150 million banking facility

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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Real Estate: Foreign Buyers Ban Passes Third Reading

The Bill to put in place the Government’s policy of banning overseas buyers of existing homes has passed its third and final reading in the House. More>>


Nine Merger: Fairfax Slashes Value Of NZ Business

Fairfax Media Group more than halved the value of its Kiwi assets, attaching just A$40 million to mastheads that were once the core of a billion dollar investment. More>>

Collecting Scalpers: Commerce Commission To Sue Viagogo

The Commission will claim that Viagogo made false or misleading representations: • that it was an “official” seller, when it was not • that tickets were limited or about to sell out • that consumers were “guaranteed” to receive valid tickets for their event • about the price of tickets... More>>


Price Of Cheese: Fonterra CEO Goes Early After Milk Price Trimmed

Aug. 15 (BusinessDesk) - Fonterra Cooperative Group chief executive Theo Spierings is leaving the role early after the world's biggest dairy exporter lowered its farmgate payout and trimmed its dividend to retain cash. More>>