29 Apr Stride Property Group – Update on NorthWest Two Option
NZX Announcement IMMEDIATE — 29 April 2019
Stride Property Group – Update on NorthWest Two Option
Stride Property Limited (‘SPL’) advises that the option held by Westgate Town Centre Limited (‘WTCL’) to acquire SPL’s NorthWest Two development, which is located alongside NorthWest Shopping Centre in Auckland, has expired without SPL receiving notice from WTCL seeking to exercise the option. The option period was extended pending discussions between WTCL and SPL, and SPL recently gave notice to bring the option period to an end. While discussions between the parties may still continue, SPL sought to resolve the issue of the outstanding option.
Under the terms of the ground lease from WTCL to SPL for the land on which NorthWest Two is located, in the event WTCL did not exercise the option to acquire the NorthWest Two development, the agreement permits SPL to obtain freehold title to the land for a nominal amount of $1.
SPL retains a right of first refusal over Zones 1 and 2 at Westgate owned by WTCL, being the land located immediately adjacent to NorthWest Two, should WTCL wish to sell some or all of this property. In addition, WTCL retains a right of first refusal over SPL’s NorthWest Shopping Centre and NorthWest Two should SPL wish to sell either or both of these properties.
For further information please contact:
Tim Storey, Chairman, Stride Investment Management Limited / Stride Property Limited
Mobile: +64 21 633 089 – Email: [email protected]
Philip Littlewood, Chief Executive Officer, Stride Investment Management Limited
Mobile: +64 21 230 3026 – Email: [email protected]
Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited
Mobile: +64 21 536 406 – Email: [email protected]
Louise Hill, General Manager Corporate Services, Stride Investment Management Limited
Mobile: +64 27 558 0033 – 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. Stapled Securities are quoted on the NZX Main Board under the ticker code SPG. Further information is available at www.strideproperty.co.nz or at www.nzx.com/companies/SPG.