Stride Property Limited (''Stride'') advises that, following discussions with
Westgate Town Centre Limited (''WTCL''), Stride has agreed to defer the expiry
date of WTCL''s three year option to acquire Stride''s NorthWest Two
development which is located alongside NorthWest Shopping Centre, in
Auckland. The option was due to expire on 19 December 2017 but will be
extended to a date in the new year which depends on the outcome of those
discussions.
By way of background and as previously disclosed, the development of
NorthWest Two was undertaken following the granting by WTCL of a conditional
right and ground lease to Stride for the land on which NorthWest Two is
located. Under the Agreement, future rights were granted to WTCL that would
allow it to subsequently acquire the development from Stride within three
years of the ground lease''s effective date (i.e., the deadline being 19
December 2017), at a price equal to 115% of Stride''s total development cost
(including holding costs). In the event WTCL does not acquire the
development within the three year period, the agreement also permits Stride
to obtain freehold title to the land for a nominal amount of $1. As at 30
September 2017, the NorthWest Two development was held in the consolidated
interim financial statements at $36.3m - for more information refer to note
11 to the financial statements in the Stride Property Group Interim Report
for the six months ended 30 September 2017.
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
DDI: 09 913 1122 - Mobile: 021 230 3026 - Email:
philip.littlewood@strideproperty.co.nz
Jennifer Whooley, Chief Financial Officer, Stride Investment Management
Limited
DDI: 09 913 1150 - Mobile: 021 536 406 - Email:
jennifer.whooley@strideproperty.co.nz
Louise Hill, General Manager Corporate Services, Stride Investment Management
Limited
DDI: 09 976 0352 - 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.
End CA:00312334 For:SPG Type:GENERAL Time:2017-12-21 12:11:40