Albany Divestment

ALBANY DIVESTMENT Property for Industry Limited (PFI, the Company) is pleased to announce the divestment of a mixed-use property at 229 Dairy Flat Highway in Albany, Auckland, to a private investor. Colliers International marketed the property, which has been sold for a gross sales price of $33 million. The property was last valued in December 2018 at $28 million. The divestment follows the completion of a number of asset management initiatives at the property and is the first of a series of planned divestments of PFI's non-industrial properties. Simon Woodhams, Chief Executive Officer, noted: "In keeping with PFI's strategy, the funds from this sale will be reinvested into quality industrial properties in sought-after areas, and value-add strategies within the existing portfolio." Settlement of the divestment is scheduled to take place in early December 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 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:00343097 For:PFI Type:TRANSACT Time:2019-10-23 12:00:23