29 Oct Stride Property Limited announces the completion of its Share Purchase Plan
Stride Property Limited announces the completion of its Share Purchase Plan 29/10/2015
Stride Property Limited (Stride) announces the completion of its Share Purchase Plan (SPP) which closed at 5.00 p.m. on Wednesday, 28 October 2015. The SPP was undertaken following the placement of shares announced on 23 September 2015 in order to part fund the acquisition of a portfolio of 19 large format retail properties. The acquisition is scheduled to settle on 5 November 2015.
The subscription price for shares under the SPP was set at $1.94, being the lower of the price paid under the placement and the average end of day market price over the five business day period prior to the closing date of the SPP (28 October 2015).
Stride has received applications under the SPP for approximately $22 million, exceeding the $15 million sought. Accordingly, there will be scaling in accordance with the terms of the SPP. Allotment of shares is expected to take place on Wednesday, 4 November 2015, with trading of the new shares commencing on the NZX Main Board that day.
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: peter.a[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’), formerly known as DNZ Property Fund Limited, 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.