Property buy-up assists increase Stride Property earnings

The earnings included a 5.2 per cent or $59.9 m increase in property values, providing it a portfolio worth $872m.

Stride, which owns the new NorthWest shopping mall in Auckland, went on a spending spree last year, purchasing 19 big format supermarkets from British-based Antipodean Supermarkets.

It likewise manages the Diversified NZ Property Fund, which bought Lower Hutt's Queensgate and Hamilton's Chartwell shopping centers from Scentre Group in 2014.

However, Stride has actually recently been criticized by tenants of Wellington's Johnsonville mall for dragging its heels on a proposed $300m upgrade.

It was granted resource consent in 2009 to enhance the mall from 10,000 square meters to 32,000 sq.

Stride chief executive Peter Alexander told Fairfax NZ that a great deal of elements was included including tenant need and market conditions.

During the year, Stride increased its net income to $69.3 m, up from $57.2 m.

The company stated phase 2 of the NorthWest advancement was on track to be finished by October.