DNZ Property Fund Ltd will changed its name to Stride Property Ltd in a fortnight.
The NZX-listed company’s directors resolved today to change the name, effective Friday 25 September.
Chairman Tim Storey said: “The rebranding is a reflection of the confidence the company has in its future and the approach it takes to managing & building its portfolio. The new name more accurately demonstrates the essence of the company and its future direction in the property investment business.
“The company has been through a number of positive changes since listing, particularly over the past 18 months. We have refined our strategy with a renewed team & leadership and deliveredstrong results for our investors. Consequently, the market perception of us has shifted.”
Chief executive Peter Alexander highlighted the connection between the company’s new approach to business and its rebrand: “It’s important our identity represents who we are today and in the future, and that it epitomises our people, our culture, our places & performance. We are a progressive company, forward-focused and confidentlymoving ahead. The name Stride communicates that confidence and reflects the deliberate & purposeful steps we are taking to deliver the best possible performance.
“With this new branding we will be better differentiated & visible to all of our stakeholders.”
The company, which manages $950 million of commercial property, increased operating profit before other income & income tax by 13.1% in the March year to $39.6 million, and increased its cash dividend by 13.9% to 10.25c/share.
Mr Alexander, appointed chief executive in December 2013, said: “The opening of the NorthWest Shopping Centre on 1 October, with 100% of the retail space leased, and the commencement of the NorthWest 2 (previously referred to as Westgate stage 2) development are very strong indicators of the company’s future strength.
“We believe Stride embodies the key characteristics of a company as robust & positive about the future as we are.”
Attribution: Company release.