Stride Stapled : Office Acquisition Now Unconditional

Posted at 15:51h
in Uncategorizedby Luke Jenkins

NZX Announcement Immediate - 4 December 2020

Stride Property Group - Office Acquisition Now Unconditional

On 25 November 2020 Stride Property Limited (SPL) announced that it had entered into a conditional agreement to acquire a premium grade office property at 20 Customhouse Quay, Wellington. SPL is pleased to announce that this acquisition, for a purchase price of $228 million, is now unconditional, with all conditions having been satisfied. The acquisition is expected to settle on 18 December 2020.

This acquisition follows the acquisition of the office building at 215 Lambton Quay, Wellington, known as Grant Thornton House, for $84.5m, which settled on 30 November 2020.

These two acquisitions take SPL's office portfolio to $571 million, with a 5.8 year WALT, on a pro forma basis as at 30 September 2020.

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For further information please contact:
Tim Storey, Chairman, Stride Investment Management Limited / Stride Property Limited
Mobile: [phone] - Email: [e-mail]

Philip Littlewood, Chief Executive Officer, Stride Investment Management Limited
Mobile: [phone] - Email: [e-mail]

Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited
Mobile: [phone] - Email: [e-mail]

Louise Hill, General Manager Corporate Services, Stride Investment Management Limited
Mobile: [phone] - Email: [e-mail]

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.

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