PFI expects $37m portfolio boost

Listed industrial property investor Property For Industry (PFI) said today it will likely clock up a $37 million annual gain when it revalues its portfolio at the end of this month.

The result is subject to audit and valuer's confirmation, but PFI general manager Ross Blackmore said, due to continuous disclosure obligations, it was announcing the expected boost now.

As at December 31, PFI expects its portfolio of 54 properties to have a book value of $333.5 million, compared with $296.1 million a year ago.

The audited revaluation will be confirmed as part of PFI's full-year financial result, set to be announced in February next year.

PFI is New Zealand's only listed company specialising in industrial property, and is managed by AMP Capital Investors.

Shares in PFI last traded up 4c at $1.16.

- NZPA