The Overseas Investment Office has given its consent to the Stride Property Group’s joint venture with a group of international institutional investors, called Industre Property, and they expect it to start operations on 30 June.
Stride chair Tim Storey said yesterday the transaction remained conditional on completion of certain documentation & finalisation of bank facility arrangements.
The joint venture, advised by JP Morgan Asset Management, will operate through a special purpose vehicle. It will own & develop industrial property in New Zealand, primarily in the Auckland region, for long-term income-producing purposes.
Stride will contribute all its industrial properties to Industre, which is intended to grow through the acquisition & development of industrial properties.
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: Company release.