25 Sep DNZ becomes Stride Property from today
DNZ becomes Stride Property from today 25/09/2015
DNZ Property Fund Limited has today changed its name to ‘Stride Property Limited’ (Stride) as announced on 10 September 2015. The Company’s NZX ticker code has changed from DNZ to ‘STR’ from today.
The Auckland based property investor and fund manager believes its new brand and corporate identity reflect the steps it is taking to deliver sector leading investment returns.
Stride owns and manages more than $950 million of office, retail and industrial property assets.
“The new name brings to life our strategy of investing in properties with enduring demand which maximise returns on a sustained basis,” Stride Chief Executive Peter Alexander commented. “Our aim is to invest in places that reward and give real value to all who are associated with them – tenants, customers, visitors and investors.”
Chairman Tim Storey said the new corporate image reflects Stride’s focus on investor returns. “It shows that we are progressive and forward thinking, and it better represents our purposeful and innovative approach, our culture and performance and the places in which we invest.”
The opening of the NorthWest Shopping Centre on 1 October and the commencement of the ‘NorthWest Two’ development are examples of Stride’s approach Peter Alexander said.
The NorthWest Shopping Centre will have almost 100 retail stores and is being heralded as the next generation of shopping centres in both design and retail offering. The Centre will generate up to 700 new jobs – driving employment to complement the region‘s population growth.
NorthWest Two, on land opposite the shopping centre, is complementary to the offering and is a key element of the overall Westgate Town Centre development.
“The rebranding comes in the same week that Stride announced the acquisition of a portfolio of 19 supermarkets which present strategic opportunities for the company,” Tim Storey said. Stride purchased the portfolio for $287 million and raised $115 million of new equity to fund the acquisition
For Further Information Please Contact:
Tim Storey, Chairman, Stride Property Limited
Mobile: 021 633 089 – Email: [email protected]
Peter Alexander, Chief Executive, Stride Property Limited
DDI: 09 913 1154 – Mobile: 0275 443 678 – Email: [email protected]
Jennifer Whooley, Chief Financial Officer, Stride Property Limited
DDI: 09 913 1150 – Mobile: 021 536 406 – Email: [email protected]
Stride Property Limited (‘Stride’) owns one of New Zealand’s largest diversified investment property portfolios with $890.9 million (as at 31 August 2015) of commercial office, retail and industrial properties located in the main urban areas throughout New Zealand. As at 31 August 2015, Stride owned 42 properties with 294 tenants, a weighted average lease term (WALT) of 5.3 years and an occupancy rate of 99.6% over a net lettable area of 338,504m².
Stride is a Portfolio Investment Entity in which investors hold shares and is managed by its own internal management team. Stride is also the manager of Diversified NZ Property Fund Limited, a $118.4 million (as at 31 March 2015) commercial property fund.
Stride’s top 10 tenants as at 31 August 2015: Bunnings, Progressive Enterprises (Countdown), Foodstuffs (PAK’nSAVE & New World), ASB, NZ Government, The Warehouse, Fletcher Building, Westpac, Meridian and Lion. These 10 tenants represent 50% of Stride’s total contract rental.