Chief executive Peter Alexander says the company has been through a lot of changes recently and the name reflects this update: “We’ve just reset our whole business.”
Recent moves include the completion of the $155 million NorthWest Shopping Centre, which will open on October 1, and the acquisition of a portfolio of 19 Countdown supermarkets. Stride purchased the portfolio for $287 million and raised $115 million of new equity to fund the acquisition.
Alexander says the Countdown properties had a long weighted average lease term, describing them as defensive assets.
He compared Stride’s fresh identity to that of NorthWest, calling it “innovative, and with a strong sense of place”.
A sense of place is important to Stride’s overarching strategy, Alexander says.
“When we think about properties, we refer to them as places – workplaces, places of leisure or of shopping. For those places to be successful, people need to really want to go there.”
Alexander says Stride focuses on making its properties attractive to the ultimate users of the amenities – customers – and feels this approach creates superior demand across its portfolio.