Wednesday 25th November 2020
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Stride Property Group is pleased to announce its interim results for the six months ended 30 September 2020 (HY21).
Stride is also pleased to announce that it has entered into a conditional agreement to acquire a premium grade office property at 20 Customhouse Quay, Wellington, for $228m. If this acquisition proceeds, it will be the third office acquisition announced by Stride in the last three months, and will take SPL’s office portfolio to $571m (on a pro forma basis as at 30 September 2020).
Stride is commencing a capital raising (Offer) to raise up to $220m, comprising an underwritten $180m placement and a non-underwritten $40m share purchase plan with the ability to accept additional applications under the share purchase plan at Stride’s discretion. The proceeds of the capital raise will be used to partly fund the acquisitions of 20 Customhouse Quay, Wellington, and 215 Lambton Quay, Wellington (announced on 19 November 2020).
HY21 Interim Results
Stride has delivered favourable results during this six month period, with profit after income tax from continuing operations of $51.6m, up $24.6m from the six months to 30 September 2019 (HY20). The financial statements for HY20 have been restated to be on a comparable basis given the establishment of the Industre Property Joint Venture (Industre) during the period in review, and the associated transfer of industrial assets to Industre.
Stride currently expects combined cash dividends for FY21 will be 9.91cps, assuming no further significant restrictions or deterioration in economic activity due to COVID-19. Stride expects to declare a combined cash dividend of 2.4775 cps for Stride Property Limited (SPL) and Stride Investment Management Limited (SIML) for the quarter ended 30 September 2020 on 30 November 2020.
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