05 Jun Stride Property Group – Update on Industre Property Joint Venture
NZX Announcement Immediate — 5 June 2020
Stride Property Group – Update on Industre Property Joint Venture
Further to the Stride Property Group (Stride) announcement in September 2019 regarding the establishment of the lndustre Property Joint Venture (lndustre), Stride is pleased to announce that the transaction has received the consent of the Overseas Investment Office. The transaction remains conditional on completion of certain documentation and finalisation of bank facility arrangements, and the parties currently expect the transaction to settle and lndustre to commence operations on 30 June 2020.
lndustre will be a joint venture between Stride Property Limited (SPL) and a group of international institutional investors, through a special purpose vehicle, and advised by J.P. Morgan Asset Management. lndustre will be focussed on the industrial property sector and will own and develop industrial property in New Zealand, primarily located in the Auckland region, for long term income producing purposes. SPL will contribute all of its industrial properties to lndustre, which is intended to grow through the acquisition and development of industrial properties over time.
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, Stride Investment Management Limited
Mobile: 021 230 3026 – Email: [email protected]
Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited
Mobile: 021 536 406 – Email: [email protected]
Louise Hill, General Manager Corporate Services, Stride Investment Management Limited and Company Secretary of Stride Property Group
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.