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

 


Property For Industry buys Wellington site for $15.3 million

Property For Industry buys Wellington site for $15.3 million

By Suze Metherell

July 8 (BusinessDesk) - Property For Industry, which increased its portfolio by two-thirds last year through a merger with Direct Property Fund, will spend $15.3 million on a Wellington property after selling $12.2 million worth of non-core properties in the first-half.

The Auckland-based property investor has entered into an unconditional agreement to buy the 14,995 square metre Hutt Park Road site which is currently being developed by Kea Property Group, the company said in a statement. Property For Industry has leased the Wellington site to EBOS subsidiary Masterpet Corp for 10 years at $1.16 million, or a 7.6 percent yield, for the investor, with rent reviews every three years. Settlement is expected mid-next month.

The company recently sold two Omega Street locations in Auckland for $2 million, bringing the total number of non-core assets sold to five with gross proceeds from the sales worth $12.2 million. Property For Industry has 80 industrial properties across the North Island and in Christchurch.

"The acquisition of 143 Hutt Park Road in Wellington combined with PFI's recent sales are examples of PFI's strategy of recycling capital from the sale of non-core property into core industrial opportunities," general manager Simon Woodhams said.

Shares in the listed industrial property landlord were unchanged at $1.335 and have gained 3.5 percent this year, underperforming the NZX 50 Index's 9.2 percent increase. It is the fifth-largest listed property company by market value and has an average recommendation of 'hold' according to five analysts surveyed by Reuters, with a median price target of $1.32.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news