Stride Property opens NorthWest Shopping Centre

Stride Property opens NorthWest Shopping Centre

Stride Property opens NorthWest Shopping Centre and settles on the sale of an Office Property in Albany 01/10/2015

Stride Property Limited’s (Stride) $170 million* NorthWest Shopping Centre was opened to a large crowd today by Upper Harbour MP, the Honourable Paula Bennett.

 

The NorthWest Shopping Centre has almost 100 retail stores and is being heralded as the next generation of shopping centres in both design and retail offering. The Centre will generate up to 700 new jobs – driving employment to complement the region’s population growth.

The opening is part of a four day launch event that will feature entertainment, prize draws and special retailer promotions.

Stride also confirms that it has settled on the sale of the office property at 51 Corinthian Drive, Albany, Auckland, for $15.15 million.

Stride has previously announced that the NorthWest Shopping Centre project would be funded from a combination of bank facilities and the divestment of non-core assets over the duration of the project. Since announcing its divestment programme, Stride has sold properties with a total value of $46.7 million.

* Valuation as at 31 March 2015.

 


 

For Further Information Please Contact:
Tim Storey, Chairman, Stride Property Limited
Mobile: 021 633 089 – Email: tim.storey@strideproperty.co.nz

Peter Alexander, Chief Executive, Stride Property Limited
DDI: 09 913 1154 – Mobile: 0275 443 678 – Email: peter.alexander@strideproperty.co.nz

Jennifer Whooley, Chief Financial Officer, Stride Property Limited
DDI: 09 913 1150 – Mobile: 021 536 406 – Email: jennifer.whooley@strideproperty.co.nz

Stride Overview
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.

Notification of Issue of Securities
Stride letter to Shareholders