Property For Industry in trading halt ahead of bookbuild announcement
By Suze Metherell
Sept. 10 (BusinessDesk) - Property For Industry, the listed industrial landlord, has gone into a trading halt ahead of announcing the details of its bookbuild following its $49.5 million rights offer.
The Auckland-based property investor announced in August it would tap shareholders via a one-for-12 rights offer, at $1.44 per share and fully underwritten by Forsyth Barr. The company has secured $86 million in acquisitions and development activity, and will use the cash to fund that.
Property For Industry merged with Direct Property Fund to create an $800 million industrial property empire in 2013.
In August the company reported profit rose to $36.4 million in the six months ended June 30, from $14.4 million a year earlier. Operating revenue was little changed at $32.1 million, with the bulk of the bottom line gain coming from a $25.6 million fair value gain on investment properties.
The shares last traded at $1.515 and have gained 14 percent over the past year.