Stride Property Ltd & Stride Investment Management Ltd (NZX: SPG) Update on Demerger and Office Fund

Tuesday 21st September 2021

Stride Property Limited and Stride Investment Management Limited (together Stride Property Group or Stride) advises that, in light of recent market conditions, it has decided to withdraw the current demerger and initial public offering (together the IPO) of Fabric Property Limited.

Stride remains committed to its strategy of growing its real estate investment management business and maintaining a core investment in the office sector. The agreement to acquire the property at 110 Carlton Gore Road, Newmarket, Auckland, is conditional solely on the successful completion of the IPO prior to 31 March 2022. Stride will now assess the next steps for its office portfolio.

Stride Chair, Tim Storey, commented “Stride considers its office portfolio to be high quality with strong sustainability credentials, and it remains attractive within Stride or as a separate entity. We will continue to evaluate market conditions and assess the appropriate approach that is in the interests of both existing Stride shareholders and potential investors.”

Please see the links below for details

SPG - Update on Demerger and Office Fund - 210921.pdf

Source: Stride Property Ltd & Stride Investment Management Ltd

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