PFI portfolio hits 50

PFI is spending $9.8million on two properties in Mt Wellington which together have an average weighted lease term of over six and a half years.

The combined rental income of just under a million dollars represents a yield of 10.05%.

The company's GM, Peter Alexander, says the properties are of the highest quality in terms of location, tenant covenant and construction.

"Following the purchase, 36.5% of PFI's portfolio will be located in Mt Wellington."

He says an important part of PFI's investment strategy is a focus on premium, "land-constrained" locations close to arterial transport routes.

This acquisition follows closely behind the acquisition by PFI late in December 2000 of eight nearby properties for $23.15million. Earlier this year it sold a property in the same area for $10 million.

The latest purchase takes the company's portfolio to 50 properties with a value over $217million.

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