Acquisition of 11 Turin Pl, Settlement of 27 Zelanian Dr

ACQUISITION OF 11 TURIN PLACE, SETTLEMENT OF 27 ZELANIAN DRIVE NZX listed industrial property landlord Property for Industry (PFI) has today announced the purchase of an industrial property located at 11 Turin Place, East Tamaki, and the settlement of the sale of an industrial property at 27 Zelanian Drive, East Tamaki. 11 Turin Place, East Tamaki PFI is pleased to announce that the company has today settled the purchase of an industrial property at 11 Turin Place, East Tamaki. The property comprises 6,936 sqm of warehouse, 1,072 sqm of breezeway canopies and 457 sqm of office and amenities on a 1.9 hectare site, and is leased for 15 years to Thermakraft, a market leader in building and wall wrap, roofing underlay, and window flashing tape. The lease provides fixed rental growth of 4.55% every two years. The property was purchased in a sale and lease back transaction for a net purchase price of $14.2 million, representing a yield on purchase of 6.5%. 27 Zelanian Drive, East Tamaki Further to the announcement on 13 December 2016, PFI is also pleased to announce the settlement of the sale of a vacant industrial property at 27 Zelanian Drive, East Tamaki, for a net sales price of $8.3 million. Further details Further details of this acquisition and divestment will be provided during PFI's annual results webcast, which is scheduled for Monday, 13 February 2017 at 11.00 am NZT. To view and listen to the webcast, please visit http://edge.media-server.com/m/p/cztizxmi. Contact For further information please contact: Simon Woodhams General Manager Phone: +64 9 303 9652 Email: woodhams@propertyforindustry.co.nz Craig Peirce Chief Financial Officer and Company Secretary Phone: +64 9 303 9651 Email: peirce@propertyforindustry.co.nz About PFI PFI is New Zealand's only listed company specialising in industrial property. PFI's portfolio of 84 industrial properties in Auckland, Hamilton, Mount Maunganui, Wellington and Christchurch, is leased to 144 tenants. www.propertyforindustry.co.nz End CA:00296294 For:PFI Type:ASSET Time:2017-02-02 16:00:19