PFI acquires 11C Norris Avenue, Te Rapa, Hamilton

Property For Industry Limited (NZX:PFI) has announced the unconditional acquisition of a ~4,800 sqm site at 11C Norris Avenue, Te Rapa, Hamilton, for NZD 2.24 million. The property is adjacent to PFI's existing property at 558 Te Rapa Road, leased to DEC Pharmaceutical Limited until October 2034. Combining the properties will create a ~1.30-hectare industrial holding valued at ~$11.84m. The acquired property has been secured with vacant possession and will be leased back to DEC for a three-year term, generating a yield of 6.65% on the purchase price. The settlement is expected in late-August 2025.