Industrial Acquisition and Development

Stride Property Group (NS)
NZX Announcement
13 March 2020



W strideproperty.co.nz
Stride Property Group
Industrial Acquisition and Development
Stride Property Group (Stride) is pleased to announce that it has entered into an unconditional
agreement to acquire a 4 hectare property at 16 Wickham Street, Hamilton for a purchase price
of $10 million. Settlement is expected to occur on 1 April 2020.
This property consists of an area of 1.3 hectares which is tenanted, as well as an area of
2.7 hectares that Stride has agreed to redevelop as a Resource Recovery Park for Waste
Management (NZ) Limited (
Waste Management). The total cost of the development (excluding
land costs) is estimated to be $15 million, and the property (including currently tenanted
premises and the Waste Management development when completed) is expected to deliver a
yield on cost of approximately 7%. The development is expected to be completed by December
2020, at which time Waste Management will take a 25 year lease of the facility.

This development follows the successful completion of the new Waste Management head office
development at East Tamaki Road, Auckland, which was completed in December 2019 by Stride.
In addition, Stride is currently developing an industrial facility at Selwood Road, Henderson for
Waste Management.
It is intended that the Wickham Street property will become part of the Industre Property Joint
Venture, along with the East Tamaki Road head office and Selwood Road facility. As announced
in September 2019, the Industre Property Joint Venture is a joint venture between Stride
Property Limited and a group of international institutional investors, through a special purpose
vehicle, and advised by J.P. Morgan Asset Management. The commencement of the Industre
Property Joint Venture remains conditional on Overseas Investment Office approval.
Stride’s Chief Executive, Philip Littlewood, commented “We are very pleased to be able to
continue our successful relationship with Waste Management and assist them to develop this
exceptional facility in the Waikato. This project delivers on the growth aspirations of Stride’s new
industrial product, Industre Property.”

End

For further information please contact:
Tim Storey, Chairman, Stride Investment Management Limited / Stride Property Limited
Mobile: 021 633 089 - Email:
tim.storey@strideproperty.co.nz

Philip Littlewood, Chief Executive Officer, Stride Investment Management Limited
Mobile: 021 230 3026 - Email:
philip.littlewood@strideproperty.co.nz

Jennifer Whooley, Chief Financial Officer, Stride Investment Management Limited
Mobile: 021 536 406 - Email:
jennifer.whooley@strideproperty.co.nz

Louise Hill, General Manager Corporate Services, Stride Investment Management Limited
Mobile: 0275 580 033 - Email:
louise.hill@strideproperty.co.nz

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.