At the intersection of preparation and opportunity sits 143 Hutt Park Road. The property became available at a time when we were releasing capital from properties that did not align well with our strategy. We were in a position to respond quickly, off-market, at a fair price.
143 Hutt Park Road is a high quality industrial property. A 1.5ha site, it is in Wellington’s prime industrial precinct, close to the main arterial route. It has a newly constructed (to 100% of NBS), large, high-stud warehouse and two-level office and amenities building. The office-to-warehouse ratio is right and there is good yard area and circulation. This is an ideal property for industrial tenants in today’s market.
The property is leased - for an initial 10-year term, with rights of renewal - to Masterpet, the animal care arm of NZX-listed EBOS Group Ltd. EBOS has a market capitalisation of $1.4billion.
PFI’s promise to shareholders is strong, stable returns, achieved by investing in quality industrial property. This disposal of non-core assets and the acquisition of 143 Hutt Park Road is that strategy in action. We have acquired another very attractive property and extended our partnership with the EBOS group.
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