THE AMP Capital Investors' managed Property For Industry has sold an industrial property in Albany, New Zealand ING Property Trust for $NZ17 million.
This is the second sale for PFI – New Zealand’s only listed industrial property investor, after it sold another asset last month at 373a Neilson St, Penrose for $NZ10.15 million.
The property at
The property is a high-quality, modern industrial facility developed in 1998, comprising a 10,129 sqm high-stud warehousing facility, including 1,108 sqm of associated offices. A further 2,476 sqm of surplus land is rentalised and available for future expansion.
PFI’s general manager Ross Blackmore said although the current passing rental reflects an initial yield on sale price of 8.41%, after deducting the value of specialised building fitout, plant and machinery, the market rental yield was somewhere in the range of 7.5 to 8%.
Settlement is scheduled for later this month, reducing PFI gearing ratio to 25%.
Australian Property Journal