Brief: Property for Industry acquires portfolio of properties for NZ$69.5 mln

Property for Industry

03/10/2017 20:31

Oct 4 (Reuters) - Property for Industry Ltd  PFI.NZ : 
    * 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:  ID:nNZW1RRP8l  
Further company coverage:  PFI.NZ  
 
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