Acquisition of 51-61 Spartan Road, Takanini

ACQUISITION OF 51-61 SPARTAN ROAD, TAKANINI Property for Industry Limited (PFI) is pleased to announce the purchase of an industrial property located at 51-61 Spartan Road in Takanini, Auckland. The property comprises approximately 2,700 sqm of warehouse, 1,100 sqm of canopies, 550 sqm of office and 15,000 sqm of yard. The tenant, MaxiTRANS, is one of the largest suppliers of truck and trailer parts to the road transport industry in Australia and the largest supplier of locally manufactured road transport trailer solutions in Australia and New Zealand. A 12-year lease will commence on settlement and provides fixed rental growth of 2.75% annually. The lease also contains an opportunity for PFI and MaxiTRANS to work together to further develop the 2.4 hectare site. The property was purchased in an off-market sale-and-lease-back transaction for a net purchase price of $17.2 million. The return on the initial purchase price is 5.35%. PFI Chief Executive Officer Simon Woodhams noted: "The acquisition of 51-61 Spartan Road is in line with the strategy we announced in February this year, which includes starting to replace PFI's non-industrial assets with quality industrial properties in sought-after areas, either via acquisitions or by value-add strategies within the existing portfolio." Settlement is expected to take place on 29 March 2019. ENDS ABOUT PFI & CONTACT PFI is an NZX listed property vehicle specialising in industrial property. PFI's nationwide portfolio of 94 properties is leased to 148 tenants. For further information please contact: SIMON WOODHAMS Chief Executive Officer --- Phone: +64 9 303 9652 Email: woodhams@propertyforindustry.co.nz --- CRAIG PEIRCE Chief Finance and Operating Officer --- Phone: +64 9 303 9651 Email: peirce@propertyforindustry.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:00332633 For:PFI Type:TRANSACT Time:2019-03-28 14:26:14