Between them, these ‘Infamous Five’ have managed to destroy almost half a billion dollars from investors and lenders this year.
Operating income was up 8.5% despite pandemic related costs.
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.