04 May Stride Property Group – Waste Management Arrangement Unconditional
NZX Announcement IMMEDIATE — 04 May 2018
Stride Property Group – Waste Management Arrangement Unconditional
Stride Property Limited (SPL) is pleased to announce that the redevelopment project with Waste Management NZ Limited (Waste Management) on SPL’s 5.2 hectare industrial site situated at 11 Springs Road, Auckland is now unconditional, with both Resource Consent and Overseas Investment Office approval having been received.
As noted on 22 November 2017 in advising the market of entry into the transaction, the redevelopment is expected to be completed in the quarter ending September 2019. Following completion of the project, Waste Management will commit to a lease with SPL for an initial 25 year term, delivering initial net rental of $3.89 million per annum and structured rental growth. The development is forecast to cost $43 million, and the agreement with Waste Management allows for the expansion of the scope of works by up to $23 million with an associated increase in rental.
For further information please contact:
Tim Storey, Chairman, Stride Investment Management Limited / Stride Property Limited
Mobile: 021 633 089 – Email: [email protected]
Philip Littlewood, Chief Executive Officer, Stride Investment Management Limited
DDI: 09 913 1122 – Mobile: 021 230 3026 – Email: [email protected]
Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited
DDI: 09 913 1150 – Mobile: 021 536 406 – Email: [email protected]
Louise Hill, General Manager Corporate Services, Stride Investment Management Limited
DDI: 09 976 0352 – Mobile: 0275 580 033 – Email: [email protected]
A Stapled Security of the Stride Property Group comprises one ordinary share in Stride Property Limited and one ordinary share in Stride Investment Management Limited. Under the terms of the constitution of each company, the shares in each can only be transferred if accompanied by a transfer of the same number of shares in the other.