Stride Property Group’s Industre Property joint venture with a group of international institutional investors has begun operations today, starting with 13 properties in Auckland & Hamilton, including 2 under development.
It will operate through a special purpose vehicle advised by JP Morgan Asset Management.
Stride chair Tim Storey said the vision was to grow a significant portfolio of high quality industrial properties in New Zealand.
Industre has unconditionally agreed to acquire a property at 1 Ross Reid Place, East Tamaki, for $15.5 million at an initial 5.5% yield, due to settle on 23 July. It’s leased to Facteon Intelligent Technology Ltd, a Haier Group company, with a remaining lease term of 2.3 years and has 2977m² of vacant land. Following this acquisition, Stride will hold 65.8% of Industre.
Stride acquired a 4ha property at 16 Wickham St, Hamilton, in April in contemplation of Industre being established. Part of that property is being developed as a resource recovery park for Waste Management NZ Ltd, which will take a 25-year lease on completion.
6 June 2020: Stride’s Industre set to launch at end of June
16 March 2020: Stride’s new Hamilton property destined for Industre investment venture
5 September 2019: Stride creates new portfolio owner Industre in partnership with JP Morgan
Attribution: Stride release.