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BRIEF-Property for Industry acquires portfolio of properties for NZ$69.5 mln
October 3, 2017 / 7:55 PM / 15 days ago

BRIEF-Property for Industry acquires portfolio of properties for NZ$69.5 mln

Oct 4 (Reuters) - Property for Industry Ltd:

* Secured a portfolio of eight industrial properties and one head office for an acquisition price of NZ$69.5 million​

* Acquisition is to be funded by about $70 million of new equity via a fully underwritten pro rata renounceable rights issue

* Maintains FY17 guidance for distributable profit of between 7.70 & 7.90 cents per share & cash dividend of 7.45 cps

* ‍A $70 million institutional credit facility has been established with ANZ Bank New Zealand Limited to fund acquisition

* ‍Acquisition and equity raise will decrease PFI’s gearing from 34.2% to 32.3%

* All figures in NZ$​​ Source text for Eikon: Further company coverage:

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