PFI settles sale of Christchurch, New Plymouth properties for $19m

31st March 2026 By Staff Reporter | news@propertyticker.co.nz | @propertyticker

Property for Industry has completed the sale of two industrial properties for a combined $19.05m.

The assets, located at 41–55 Foremans Road in Christchurch and 2 Smart Road and 18 Constance Street in New Plymouth, were sold in a single transaction, with settlement confirmed on 31 March.

The buyer was not disclosed but PFI said the sale price represented a 1.06% premium to the assets’ most recent combined valuation of $18.85m as at 30 June 2025.

The Christchurch property achieved $14.35m, 2.5% above its latest valuation, while the New Plymouth asset sold for $4.7m, a 3.09% discount to book value.

PFI originally acquired the properties as part of a nine-asset portfolio purchase from MOVe Logistics in 2017. Since then, the two assets have delivered a combined property-level internal rate of return of approximately 9.8%.

“While these regional properties have been a well-performing part of PFI’s portfolio for a number of years, realisation of the sale proceeds will support our ongoing development programme,” PFI chief executive Simon Woodhams said.

PFI added that while no further properties were being marketed for divestment, recycling of capital remained an important driver of value for the company.

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