Tidal Road Acquisition

TIDAL ROAD ACQUISITION Property for Industry Limited (PFI) is pleased to announce that it has today finalised an agreement to purchase an industrial property to be developed at Tidal Road in Mangere, Auckland. Approximately 10,410 sqm of warehouse, 2,640 sqm of breezeway canopies and 740 sqm of offices is to be developed by Aintree Group for Supply Chain Solutions, an established Auckland logistics provider. A 12-year lease will commence on completion of the development and provides fixed rental growth of 2.5% annually. The property was purchased in an off-market transaction for a net purchase price of $34.2 million, and the project is estimated to provide PFI a 5.35% return. The acquisition is subject to market standard conditions. An initial settlement is expected to take place in October 2019, and the project is expected to be completed in February 2021. PFI Chief Executive Officer Simon Woodhams noted: "The acquisition of the Tidal Road development is an example of one half of the strategy we announced in February this year: to start replacing PFI's non-core properties with quality industrial properties in sought-after areas." Further details of this acquisition will be provided when PFI releases its interim results to the New Zealand Stock Exchange on Monday, 19 August 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 147 tenants. For further information please contact: SIMON WOODHAMS Chief Executive Officer --- Phone: +64 21 749 770 Email: woodhams@propertyforindustry.co.nz --- CRAIG PEIRCE Chief Finance and Operating Officer --- Phone: +64 21 248 6301 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:00339114 For:PFI Type:TRANSACT Time:2019-08-14 15:37:13