By ANNE GIBSON
Property For Industry has bought $23.1 million of buildings in Mt Wellington, which it says is the biggest industrial real estate deal this year.
It also described it yesterday as the biggest purchase made by the listed industrial-property specialist in its six-year history.
PFI bought four properties in Vestey Drive, three in Niall Burgess Rd and one on the Mt Wellington Highway.
The purchases took PFI's debt level up to 35 per cent of its assets.
They would be paid for partly by debt, but also by the sale of "non-core properties," said PFI chairman Allan Lockie.
PFI has 49 properties valued at $215 million, most of them in Auckland.
The eight new properties would bring in $2.24 million rent annually, Mr Lockie said.
On November 2, PFI announced it would spend $3.7 million expanding an East Tamaki property for existing tenant Cardinal Freight Distribution.
Other recent purchases by PFI included the $4.48 million Caroma property in East Tamaki and the $7.13 million Recall Total Information Management property in Mt Wellington.
"The latest PFI purchase is undoubtedly the biggest industrial deal this year," said Darroch's Auckland manager and head of the industrial division, Mark Parlane.
The second largest industrial deal was by listed syndicator Dominion Funds for $12.7 million.
It bought the Fletcher Wood Panels property in O'Rorke Rd, Penrose.
The deal was being negotiated mid-2000, Mr Parlane said.
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