11 Sheffield Street, Blenheim Divestment
11 SHEFFIELD STREET, BLENHEIM DIVESTMENT
Property for Industry Limited (PFI, the Company) is pleased to announce the divestment of the Company’s 11 Sheffield Street property in Riverlands, Blenheim.
The property, which is occupied by Move Freight Limited, has been unconditionally sold via Colliers for $7.45 million, representing a passing yield of 7.52%, or an approximate market yield of 7.11%. The property was acquired by PFI as part of a portfolio of properties in 2017 for $6.04 million and was last valued in December 2022 at $8.00 million.
Combined with the divestment of 10c Stonedon Drive and 15 Artillery Place, recently announced, these divestments realise combined gross proceeds of $36.85 million or more than 95% of the combined latest valuations of $38.55 million.
Settlement of the divestment is scheduled to take place on 20 December 2023. After initially repaying bank facilities, the proceeds from divestments will be used to fund the Company’s on-going brownfield opportunities.
ENDS
ABOUT PFI & CONTACT
PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 93 properties is leased to 127 tenants.
For further information please contact:
SIMON WOODHAMS
Chief Executive Officer
----
Phone: +64 21 749 770
Email: [email protected]
CRAIG PEIRCE
Chief Finance and Operating Officer
----
Phone: +64 21 248 6301
Email: [email protected]
----
Property for Industry Limited
Level 4, Hayman Kronfeld Building, 15 Galway Street, Auckland 1010
PO Box 1147, Shortland Street, Auckland 1140
www.propertyforindustry.co.nz
Announcement PDF
Markets News
Pushpay investors ponder takeover as NZX50 marches on
Yield stocks such as Chorus and property investors led the market higher.
Paul McBeth: Building a property portfolio with Winton
Here's a way the Sharesies generation can get their fill of property.
Morningstar picks Spark as omicron refuge
Spark’s share price spiked more than 5% early this week as investors reacted to news of the variant, but it had been trending down, sliding more than 10% in the past three months.
