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Stride Property Ltd & Stride Investment Management Ltd (NZX: SPG) Growth in Office Portfolio

Thursday 19th November 2020

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Stride Property Limited (SPL) is pleased to announce that it has entered into an unconditional agreement to acquire an office building at 215 Lambton Quay, Wellington, known as Grant Thornton House, for a purchase price of $84.5 million. The initial passing yield on acquisition is 6.0%, and the property has a WALT of 3.4 years. Settlement is expected to occur on 30 November 2020.

Grant Thornton House is a 16 level, grade A office building in the heart of Wellington's CBD, with ground floor retail fronting on to Lambton Quay. The building comprises 10,934 sqm of lettable area and has a seismic rating of 100% of New Building Standard, making it an attractive location for tenants in the Wellington market.

This acquisition builds on SPL’s acquisition of 34 Shortland Street, Auckland, announced on 31 August 2020, and, following the settlement of Grant Thornton House, SPL’s office portfolio will increase to approximately 30% of SPL’s look-through holdings, including directly held investment properties and holdings in Stride’s investment management products.

Stride Property Group will provide an update on its portfolio strategy and performance (including direct and look-through weighted portfolio holdings) and capital management strategy with its interim results.

See the link below for more details:

SPG - Growth in Office Portfolio - 191120.pdf

Source: Stride Property Ltd & Stride Investment Management Ltd

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