Christchurch Divestment

CHRISTCHURCH DIVESTMENT Property for Industry Limited (PFI, the Company) is pleased to announce the divestment of an industrial property at 127 Waterloo Road in Christchurch. With an up-coming lease expiring in March 2021, Colliers International marketed the property for lease or sale, and an agreement has now been reached to sell the property for a gross sales price of $4.410 million. The property was last valued in December 2019 at $4.350 million. Simon Woodhams, Chief Executive Officer, noted: "Following an extensive marketing campaign, the sale of this property to an owner-occupier ahead of the December 2019 book value is an excellent result. We will recycle the funds from this sale into the value-add strategies currently underway within the existing portfolio." Settlement of the divestment is expected to take place in April 2021. ENDS ABOUT PFI & CONTACT PFI is an NZX listed property vehicle specialising in industrial property. PFI's nationwide portfolio of 93 properties is leased to 141 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:00355885 For:PFI Type:TRANSACT Time:2020-07-07 13:31:37