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

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news