Property for Industry Has Today Announced a $69.5 Million Portfolio Acquisition And $70 Million Equity Raise.
Highlights:
• Acquisition of a portfolio of nine quality properties for $69.5 million
• The portfolio has a weighted average lease term (“WALT”) of 13.9 years, 100% occupancy, attractive lease terms
and a passing yield of 7.22%
• The acquisition is to be funded by approximately $70 million of new equity via a fully underwritten pro rata
renounceable rights issue
• The acquisition and equity raising is expected to increase PFI’s WALT by 0.6 years and reduce pro forma gearing
to 32.3%
• Low site coverage of ~25% across the sites provides for significant medium to long-term development potential
• Post acquisition and equity raise, guidance for distributable profit of between 7.70 and 7.90 cents per share
and a cash dividend of 7.45 cents per share for FY17 is unchanged
Presentation/Webcast:
The PFI management team will present this portfolio acquisition and equity raising via live webcast from 10.30 am NZT
today. To view and listen to the webcast, please visit https://edge.mediaserver.com/m6/p/vs6kxkra. We recommend you log on a few minutes before the start time, and if you cannot attend the live webcast, a recording
will be available on PFI’s website shortly after the conclusion of the live event.
A copy of today’s NZX announcement is attached and all supporting documents including the presentation can be viewed
here
ENDS