Stride Property Limited (SPL) has announced the unconditional acquisition of the Prime-grade property at 110 Carlton Gore Road, Newmarket, Auckland, from Mansons CGR Limited for a purchase price of $213 million.
SPL’s wholly-owned subsidiary, Fabric Property Limited, has also entered into an agreement to sell four B-grade office properties to Mansons CGR Limited for an aggregate sale price of $84 million.
The combined transactions will result in a step-change in the quality of Fabric’s portfolio, with higher Prime and Grade A properties, Green assets, and a longer Weighted Average Lease Term (WALT).
The sale of the four properties enables SPL to commit to the acquisition of 110 Carlton Gore Road while also maintaining a prudent level of gearing on its balance sheet.
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