Property for Industry Limited (NZX: PFI) Strategic Avondale Acquisition, Tidal Road Update Wednesday 23rd December 2020
Property for Industry Limited is pleased to announce the acquisition of the industrial properties located at 670-680 Rosebank Road in Avondale, Auckland and wishes to provide an update on the industrial properties to be acquired at Tidal Road in Mangere, Auckland.
Strategic Avondale Acquisition
PFI has agreed to acquire the industrial properties located at 670-680 Rosebank Road in Avondale, Auckland. Located on a 2.8ha site, there are four buildings leased to two tenants: NZ Comfort Group Limited and Dunlop Flooring Limited.
PFI already owns neighbouring industrial properties on Rosebank and Patiki Roads. When combined with these sites, an industrial estate of 8.6ha valued in excess of $110 million will be created, just 250 meters from the North Western motorway system. This is a strategic acquisition that presents PFI with a longer-term o
Covid and lockdowns scuttle $54.4m Auckland deal by Property For Industry
22 Dec, 2020 07:36 PM
4 minutes to read
Specialist listed industrial landlord Property For Industry announced today a $54.4 million deal to buy Auckland properties lapsed due to problems caused by Covid and the national lockdown.
The business, which has a market capitalisation of $1.4 billion, told the NZX this morning it would no longer go ahead with plans to buy properties on Tidal Rd, Māngere where huge new logistics centres were planned to be built.
That was even though a separate commercial developer, as well as a tenant, was lined up.
Last August, PFI said it had finalised an agreement to buy a Tidal Rd property for Aintree Group to develop a massive 10,210sq m warehouse, 2540sq m of breezeway canopies and 740sq m of offices.