8A & 8B Canada Crescent, Christchurch Divestment

8A & 8B CANADA CRESCENT, CHRISTCHUCH DIVESTMENT Property for Industry Limited (PFI, the Company) is pleased to announce the divestment of the Company's 8A & 8B Canada Crescent properties in Christchurch. The properties, which are 1990s era specialised cold storage facilities, have been unconditionally sold to the existing tenant in an off-market transaction for a gross sales price of $21.0 million, representing a passing yield of ~6.5%. The properties were originally purchased by PFI in November 2012 for $11.25 million and were last valued in December 2021 at $19.75 million. Settlement of the divestment is scheduled to take place early-April 2023. After initially repaying floating rate bank facilities, the proceeds will be used to fund the $66 million redevelopment of the Company's Bowden Road site in Mount Wellington. "This is the fifth divestment PFI has secured since the beginning of the year," notes PFI Chief Executive Officer, Simon Woodhams. "Combined, these properties have generated gross proceeds of $43.4 million and have been sold at an average of 9% above their most recent book values." 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 around 132 tenants. For further information please contact: SIMON WOODHAMS Chief Executive Officer ---- Phone: +64 21 749 770 Email: woodhams@pfi.co.nz CRAIG PEIRCE Chief Finance and Operating Officer ---- Phone: +64 21 248 6301 Email: peirce@pfi.co.nz ---- Property for Industry Limited Level 4, Hayman Kronfeld Building, 15 Galway Street, Auckland 1010 PO Box 1147, Shortland Street, Auckland 1140 www.propertyforindustry.co.nz End CA:00403612 For:PFI Type:TRANSACT Time:2022-12-06 10:39:54