04 Nov Allotment of shares under Share Purchase Plan
Stride Property Limited – allotment of shares under Share Purchase Plan 04/11/2015
Stride Property Limited (Stride) announces today the allotment of shares under its Share Purchase Plan (SPP), which closed at 5.00 p.m. on Wednesday, 28 October 2015. The SPP closed fully subscribed, with Stride receiving applications for $24,361,000, well in excess of the $15,000,000 sought. Consequently, scaling in accordance with the terms and conditions of the SPP has taken place.
Stride’s Chairman, Tim Storey, said “We are delighted with the strong uptake and support shown by our existing shareholders for our SPP. It reflects the high level of confidence in our business strategy and the acquisition of the portfolio of 19 large format retail properties.”
Allotment of shares under the SPP will take place today, with those shares being tradable on the NZX Main Board.
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’), 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.