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Property for Industry Announces $69.5M Portfolio Acquisition

Property for Industry Has Today Announced a $69.5 Million Portfolio Acquisition And $70 Million Equity Raise.

Highlights:

• Acquisition of a portfolio of nine quality properties for $69.5 million

• The portfolio has a weighted average lease term (“WALT”) of 13.9 years, 100% occupancy, attractive lease terms and a passing yield of 7.22%

• The acquisition is to be funded by approximately $70 million of new equity via a fully underwritten pro rata renounceable rights issue

• The acquisition and equity raising is expected to increase PFI’s WALT by 0.6 years and reduce pro forma gearing to 32.3%

• Low site coverage of ~25% across the sites provides for significant medium to long-term development potential

• Post acquisition and equity raise, guidance for distributable profit of between 7.70 and 7.90 cents per share and a cash dividend of 7.45 cents per share for FY17 is unchanged


Presentation/Webcast:

The PFI management team will present this portfolio acquisition and equity raising via live webcast from 10.30 am NZT today. To view and listen to the webcast, please visit https://edge.mediaserver.com/m6/p/vs6kxkra. We recommend you log on a few minutes before the start time, and if you cannot attend the live webcast, a recording will be available on PFI’s website shortly after the conclusion of the live event.

A copy of today’s NZX announcement is attached and all supporting documents including the presentation can be viewed here

http://www.pfirightsoffer.co.nz.


ENDS


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