Acquisition of 306 Neilson Street, Penrose

ACQUISITION OF 306 NEILSON STREET, PENROSE Property for Industry Limited (PFI, the Company) is pleased to announce the purchase of an industrial property located at 306 Neilson Street in Penrose, Auckland. The property comprises a 5,490 sqm warehouse and 812 sqm of office and amenities on a 9,781 sqm site, and is leased for 10 years on a triple-net basis to Trade Depot, a specialist in home improvement products. The lease provides fixed rental growth of 2.25% annually. The property was purchased in a sale and lease back transaction for a net purchase price of $16.0 million, representing a yield on purchase of 5.5%. PFI General Manager Simon Woodhams noted: "This property is adjacent to three properties already owned by PFI, and on settlement the Company will own an industrial estate comprising around 4.5 hectares of contiguous property contained in four titles in a sought-after Auckland industrial location." Settlement is expected to take place on 22 June 2018. ENDS ABOUT PFI & CONTACT PFI is an NZX listed property vehicle specialising in industrial property. PFI's nationwide portfolio of 92 properties is leased to 148 tenants. For further information please contact: SIMON WOODHAMS General Manager --- Phone: +64 9 303 9652 Email: woodhams@pfi.co.nz --- CRAIG PEIRCE Chief Financial Officer and Company Secretary --- Phone: +64 9 303 9651 Email: peirce@pfi.co.nz --- Property for Industry Limited Shed 24, Prince's Wharf, 147 Quay Street, Auckland 1010 PO Box 1147, Shortland Street, Auckland 1140 --- www.propertyforindustry.co.nz End CA:00318821 For:PFI Type:TRANSACT Time:2018-06-01 08:30:55