Acquisition - 316 Neilson Street, Penrose, Auckland

NZX and media
announcement
—
14 February 2025

Page 1

ACQUISITION – 316 NEILSON STREET, PENROSE, AUCKLAND

Property For Industry Limited (the Company, PFI) is pleased to announce an unconditional agreement
to acquire a ~5,600 sqm site at 316 Neilson Street, Penrose, Auckland (the Property) for $8.5 million.

The Property is adjacent to existing PFI properties located at 304, 306, 312, 314 and 318 Neilson
Street, which have a combined value of $80.8 million.
1


When combined with the Company’s existing holdings, post settlement, PFI will have a ~5.7-hectare
estate zoned Heavy Industrial in one of Auckland’s key industrial precincts.

316 Neilson Street has been acquired on a sale-and-leaseback basis with a lease term of three-years
at a purchase yield of 3.58%. In the longer term, the acquisition of the Property will facilitate future
redevelopment of the Company’s Neilson Street properties.

Settlement of the acquisition is expected to take place in late-February 2025.

ENDS















ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 90 properties is leased to
around 124 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


--------

1
Based on valuations as at 30 June 2024 in each case, other than 316 Neilson Street, which was calculated using the pre-
purchase valuation.