Fund manager aiming for 6.5% annual return from its new Veritas property fund, focused on ‘export aligned’ assets, including from Mr Apple.
The money will be used to pay down debt ahead of major Auckland office developments.
The company posted a full-year profit of $113.5 million.
The Bay of Plenty-based property syndicator sold the stake for $17.5m.
Profit fell 11% in what the property developer called a creditable result in a difficult year.
The Carlaw Park divestment leaves PFI with just one non-industrial asset.
Stride investment general manager Steve Penney is joining Kiwi Property to push a funds management strategy.
Average asking price increase in the industrial Bay of Plenty town rose by more than 130%.
The company announced a $178.3m deal for a bottling plant last October.
The pandemic has increased demand for smaller, higher-quality office spaces.