05 Nov Stride Property Limited – settles on acquisition of 18 Large Format Retail properties
Stride Property Limited – settles on acquisition of 18 Large Format Retail properties 05/11/2015
On 23 September 2015, Stride Property Limited (Stride) advised that it had entered into an agreement with Antipodean Supermarkets Limited and Antipodean Properties Limited to acquire 19 large format retail properties for an aggregate purchase price of $287 million.
All supermarkets are leased to General Distributors Limited, the operator of Countdown supermarkets in New Zealand and an ultimate subsidiary of Woolworths Limited, under terms ranging from 9 to 19 years remaining.
Today, Stride has settled on the acquisition of 18 of the properties and it is expected that settlement of the remaining property, which is subject to a third party consent, will take place on 13 November 2015.
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.