Stride sells Industrial Property in Grey Lynn, Auckland

Stride sells Industrial Property in Grey Lynn, Auckland

Stride sells Industrial Property in Grey Lynn, Auckland 27/11/2015

 

Stride Property Limited (Stride) has entered into an unconditional agreement to sell the industrial property at 20-22 Pollen Street, Auckland, for $8m. The property was valued at $7.2m as at 30 September 2015 and the sale provides a gain of 11% over the valuation. The sale price represents a yield of 5.4% on net passing income, with the current lease expiring on 17 August 2016.

“This sale is part of Stride’s ongoing strategy to divest non-core assets to fund new development and acquisition” said Stride’s Chief Executive, Peter Alexander.

 
Settlement is scheduled for 18 August 2016, a day after the expiry of the current lease.
 


 
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 $1,236.3m (value as at 30 September 2015 of $949.3m and the subsequent $287m acquisition of the 19 Large Format Retail properties) of commercial office, retail and industrial properties located in the main urban areas throughout New Zealand.

Diversified NZ Property Fund Limited to purchase two shopping centres
Stride mails Interim Report for the six months ended 30 September 2015