PFI raises $200m in bond offer

1st April 2026 By Staff Reporter | news@propertyticker.co.nz | @propertyticker

Property for Industry has secured $200 million in new debt funding after closing a fully subscribed institutional bond offer.

The NZX-listed industrial landlord said its 6.5-year senior secured fixed rate bonds were fully allocated through a bookbuild process, with no public pool offered to retail investors.

The bonds have been priced at an interest rate of 5.35% per annum, reflecting a margin of 1.30% over the base rate, and will mature on 13 October 2032.

Auckland-based PFI said the bonds will be issued on 13 April and are expected to begin trading on the NZX Debt Market the following day under the ticker PFI040.

“The proceeds of the offer will be used to repay existing bank debt facilities and for general corporate purposes,” the company said.

The bonds are secured against a pool of properties via first-ranking mortgages and rank equally with other secured lenders, including bank facilities and existing bondholders. 

The offer was arranged by Westpac, which also acted as a joint lead manager alongside Bank of New Zealand, Craigs Investment Partners and Forsyth Barr.

PFI owns more than 90 industrial properties worth more than $2bn.