27 Nov 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: email@example.com
Peter Alexander, Chief Executive, Stride Property Limited
DDI: 09 913 1154 – Mobile: 0275 443 678 – Email: firstname.lastname@example.org
Jennifer Whooley, Chief Financial Officer, Stride Property Limited
DDI: 09 913 1150 – Mobile: 021 536 406 – Email: email@example.com
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.