New Acquisition: YHI Investment Opportunity

YHI International, 17 Ha Crescent, Wiri

We are pleased to announce the acquisition of 17 Ha Crescent, Wiri, Auckland, tenanted by YHI NZ Limited. The property is located in one of Auckland's key industrial areas and has drive-through access between the main arterial, Roscommon Road, and Ha Crescent. The 7,790m² site has 5,100m² of high-stud warehouse, office, and canopy.

YHI has 6.5 years to run on the lease with a further right of renewal. YHI NZ is the New Zealand arm of Singapore-listed YHI International, a distributor of automotive, industrial, and solar energy equipment operating in 100 countries around the globe.

At $18.5m the acquisition will represent approximately 8% of FortHill's portfolio. This is a step towards further geographic diversification of the portfolio and consistent with FortHill's ongoing growth strategy. YHI adds to the portfolio in several ways including the ability to increase forecast earnings in FY2021. The property will be settled from existing cash and debt prior to Christmas.

YHI is FortHill's fourth acquisition for 2020, bringing the total added to the portfolio this year to over $65m. Once DHL is settled in February 2021, the portfolio will have 14 high quality assets worth approximately $224m.