Stride spins out special-purpose industrial property vehicle

Wed, 04 Sep 2019

By Jenny Ruth Sept. 5 (BusinessDesk) - Stride Property Group is spinning out its industrial properties into a new special-purpose vehicle in a joint venture with a group of international institutional investors. Stride is tipping 11 properties into the venture and will add its development at Springs Road in Auckland’s East Tamaki once it is completed. The institutions, who are being advised by JP Morgan Asset Management, will contribute $50 million and then another $20 million to purchase the development, as long as certain conditions are...

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