New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Stride Property (SPG) has entered into a conditional agreement to divest the Silverdale Centre to its managed large-format retail fund Investore (IPL) for NZ$114m, or a 6.8% initial yield.</li><li>The sale is conditional on IPL receiving shareholder approval for its management agreement amendments at its special meeting to be held on 20 October 2025.</li><li>We continue to view SPG's risk/reward as attractive given its -26% discount to net asset value and sector-high 9.3% gross yield (33% taxpayer).</li></ul>

Stride Property (SPG) has entered into a conditional agreement to divest the Silverdale Centre to its managed large-format retail fund Investore (IPL) for NZ$114m, or a 6.8% initial yield.The sale is conditional on IPL receiving shareholder approval for its management agreement amendments at its special meeting to be held on 20 October 2025.We continue to view SPG's risk/reward as attractive given its -26% discount to net asset value and sector-high 9.3% gross yield (33% taxpayer).

Stride Property

Stride Property Hi-Yo, Silverdale