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.
• 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
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