PFI adds Rosebank property to $285m portfolio

Listed investor Property For Industry (PFI) has picked up its 53rd property, a warehouse and office complex on Auckland's Rosebank Peninsula, for $5 million.

The purchase boosts the total value of PFI's portfolio to about $285 million.

The 7200 sq/m complex has two major tenants, retailer Postie Plus and card company John Sands. It has a weighted average lease term of 5.26 years and the initial rental of $523,000 reflects a 10.46 per cent yield on the purchase price.

The property is set for a rent review in mid-2006, and longer-term possibilities include subdivision and refurbishment.

"We see the Rosebank Peninsula as a growth location as industrial land becomes increasingly scarce in Albany and West Auckland," PFI's general manager Ross Blackmore said.

Nine per cent of PFI's portfolio by value is now located on the Rosebank Peninsula.

Mr Blackmore said about a third of this year's rent reviews are now settled, reflecting an average increase of almost 10 per cent over the previous three-year period.

A strong leasing performance during the third quarter has maintained PFI's portfolio occupancy at 99.99 per cent.

PFI, which is managed by AMP Capital Investors, will release its third quarter result in late October.

Shares in PFI last traded on Friday at $1.13.

- NZPA