By ANNE GIBSON
Resilience in the industrial sector has helped listed real estate company Property For Industry lift its half-year profit 5.3 per cent to $4.8 million.
PFI had rental revenue of $9.11 million, up 6.5 per cent on the previous corresponding half-year revenue of $8.55 million.
With $192 million invested in 41 properties nationwide, PFI said its average lease term was just over seven years, well ahead of most of its competitors.
PFI will pay a second-quarter dividend of 1.3c.
Chairman Allan Lockie said the company had two major highlights in the first six months of this year, buying the Coroma property in East Tamaki for $4.4 million and acquiring the Recall Total Information Management property in Westfield, Mt Wellington, for $7.13 million.
Both properties were bought on a sale-and-leaseback basis - Caroma on a 10-year lease and Recall on a 15-year term.
The Mt Wellington deal gives a 9.05 per cent initial yield, with Recall's rent rising in steps every three years. It will pay an initial annual rental of $645,000.
PFI has now completed 12 sale-and-leaseback transactions. The portfolio is valued at $50 million.
PFI lifts half-year profit 5.3pc to $4.8 million
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