Acquisition - 316 Neilson Street, Penrose, Auckland

ACQUISITION – 316 NEILSON STREET, PENROSE, AUCKLAND Property For Industry Limited (the Company, PFI) is pleased to announce an unconditional agreement to acquire a ~5,600 sqm site at 316 Neilson Street, Penrose, Auckland (the Property) for $8.5 million. The Property is adjacent to existing PFI properties located at 304, 306, 312, 314 and 318 Neilson Street, which have a combined value of $80.8 million.(1) When combined with the Company’s existing holdings, post settlement, PFI will have a ~5.7-hectare estate zoned Heavy Industrial in one of Auckland’s key industrial precincts. 316 Neilson Street has been acquired on a sale-and-leaseback basis with a lease term of three-years at a purchase yield of 3.58%. In the longer term, the acquisition of the Property will facilitate future redevelopment of the Company’s Neilson Street properties. Settlement of the acquisition is expected to take place in late-February 2025. ENDS (1) Based on valuations as at 30 June 2024 in each case, other than 316 Neilson Street, which was calculated using the pre-purchase valuation. ABOUT PFI & CONTACT PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 90 properties is leased to around 124 tenants. For further information please contact: SIMON WOODHAMS Chief Executive Officer ---- Phone: +64 21 749 770 Email: woodhams@pfi.co.nz CRAIG PEIRCE Chief Finance and Operating Officer ---- Phone: +64 21 248 6301 Email: peirce@pfi.co.nz Property for Industry Limited Level 4, Hayman Kronfeld Building, 15 Galway Street, Auckland 1010 PO Box 1147, Shortland Street, Auckland 1140 www.propertyforindustry.co.nz