Stride Property to reap $31.8M from Penrose property, provided it can ensure leases

Mon, 18 Apr 2016

By Jonathan Underhill April 19 (BusinessDesk) - Stride Property has conditionally agreed to sell its office building at 650 Great South Road, Penrose for $31.8 million, or 7.8 percent above book value. The price is conditional on Stride ensuring replacement or additional leases are found in the event any tenants exercise early termination rights, or where short-term leases expire, the Auckland-based company formerly known as DNZ Property Fund said in a statement. If all the costs related to those commitments were incurred, the net sale pr...

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