Revalued portfolio gives $37m boost

Listed industrial property investor Property For Industry is expecting to 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 it was announcing the expected boost now because of continuous disclosure obligations.

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.