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

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news