PFI sells $10M Auckland property

The property in Mt Wellington was purchased by PFI in 1996 for $7.96 million and had a 1998 valuation of $8.55 million with rental at $900,000 a year.

PFI had recently completed a $1.93 million expansion for the tenant, Fletcher Aluminium, who has a lease until 2011.

The company says the Mt Wellington property has been sold to a private investor with settlement due in March, and proceeds from the sale will be reallocated to new investments.

PFI general manager, Peter Alexander, says the sale represents a return of 11.53%, including a gain over cost of $142,000, since the company bought the property, excluding company overhead, tax and debt.

The company has a portfolio of around 40 properties, mainly in Auckland, valued at $185 million.

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