Diversified NZ Property Fund Limited
Diversified NZ Property Fund (Diversified), established in November 2007, is a $99.2 million (as at 31 March 2016 subject to audit) unlisted property fund entity managed by Stride. It has issued convertible notes under a trust deed, with the majority of the notes being held by two Australian based institutional superannuation funds and 2% being held by Stride. The two investment properties owned by Diversified are Remarkables Park Town Centre and Johnsonville Shopping Centre (50% ownership with Stride).
Subject to the availability of resources and restrictions agreed with Diversified, Stride may look to manage other property entities and/or their portfolios if and when suitable opportunities arise for consideration by the Board. Stride has agreed with Diversified that it will seek its approval before establishing or raising capital for any unlisted fund having similar investment objectives to Diversified.
Investment Committee of Diversified
An Investment Committee comprised of two Directors of Diversified and one independent member is appointed by Diversified to oversee the investment process and to review investment decisions for Diversified. All decisions, including investment and divestment, require a unanimous decision by the Investment Committee.
As the manager of both its own activities and the activities of Diversified, Stride may, from time to time, have a conflict of interest in acting in both capacities. Tim Storey, Chairman of Stride, is also a director of Diversified. The shares of Diversified are held by Stride subject to existing trust arrangements. From time to time, opportunities may arise that would be a suitable opportunity for both Stride and Diversified. The Stride Board will delegate to a sub-committee of independent directors for review, any transactions involving matters of conflict.