Australian investors make Auckland shopping centre plays
Australian-linked groups have bought two major suburban Auckland shopping centre investments.
In the biggest deal, the Glasson family has paid c$250.1 million (NZ$308.36m) for a 49 per cent stake in Westfield Albany.
The seller was Singapore sovereign wealth fund GIC, which acquired it in 2014.
Scentre Group owns the balance and is the manger.
Westfield Albany
Westfield Albany is one of Auckland’s largest regional shopping centres with 53,300 square metres, leased to145 retailers. Farmers, Kmart, New World and JB Hi-Fi are amongst the key tenants. The complex also has an Event Cinemas.
The 20.8 hectare block contains 2373 car parks.
The purchase is being made privately by the Glassons – separate from the listed Hallenstein Glasson Holdings, the company behind the retail businesses.
The family holds other New Zealand commercial real estate.
GIC acquired its stake as part of a five-centre portfolio of New Zealand assets worth NZ$2.1b.
Scentre was the seller (continues below).
Glenfield Mall
Meanwhile a syndicate led by Sydney businessman Garry Carter has paid $118m (NZ$146m) for Glenfield Mall on Auckland’s North Shore.
With c30,558 sqm, it is fully occupied; anchors include Briscoes, Farmers, The Warehouse and Woolworths.
The seller was Ross Pendergrast and Dallas Pendergrast, who held 11 years.
Coincidentally, the pair also bought this complex from Scentre.
JLL’s Nick Willis, Sam Hatcher and Harry Fergusson were the agents.
It is the buyer’s maiden New Zealand investment.
Colliers’ Lachlan MacGillivray and Richard Kirke marketed Westfield Albany.
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