Wednesday 16th December 2020
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Stride Property Group is pleased to advise that the Industre Property Joint Venture (Industre) has entered into an unconditional agreement to acquire an industrial property at 48-60 Wilkinson Road, Ellerslie, for $54m.
This acquisition builds on the four acquisitions already completed by Industre since it commenced operations on 1 July 2020 and takes the total value of property acquired by Industre since commencement to $99.5m. Following this acquisition, the Industre portfolio of industrial properties will be valued at $553m (on a pro forma basis, based on 30 September valuations plus completed acquisitions and developments).
Stride’s joint venture partner, a group of international institutional investors through a special purpose vehicle and advised by J.P. Morgan Asset Management (together, JPMAM) has provided, or agreed to provide, all of the equity funding for the acquisitions undertaken by Industre since 1 July 2020. Following the acquisition of the Wilkinson Road property, it is expected that Stride Property Limited’s interest in the joint venture will reduce to approximately 57%.
The Wilkinson Road property is currently leased to the NZME Group and houses significant printing and distribution operations of NZME. The site is in a prime location, with exposure to the Southern Motorway and excellent connectivity to the surrounding central and eastern suburbs. On settlement the property will have a WALT of 6.8 years, with 8 years remaining on the NZME lease which accounts for 70% of net income. The remainder of the site will be subject to a new 4 year lease from settlement. Settlement is expected to occur on 29 January 2021.
In addition, Industre expects to settle the acquisition of the property at 437-439 Rosebank Road, Auckland, on 17 December 2020. Industre acquired the agreement to purchase this property from Stride Property Limited as part of the assets transferred to the joint venture on completion. Industre is in the process of finalising plans to redevelop this site into a new industrial facility and is in advanced discussions with tenants on agreements to lease for this location.
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