Find in the news:
BY COUNTRY

Changes in ownership in store for Westfield New Zealand Malls



Earlier this year, one of the most remarkable corporate separations occurred as Westfield, the world's most well-known shopping mall owner split into two separate companies.
One of those companies, the Scentre Group, which owns malls and shopping centers in Australia and New Zealand has come bursting out of the gate as an entity, closing on the sale of some New Zealand malls that were on the market for a while prior to Westfield separating into two entities.

Singapore's GIC is the Purchaser, GIC of Singapore is an investment fund that has made quite a few real estate acquisitions in Southeast Asia and Australia as a sovereign fund. For the asking price of around $750 million dollars US, they end up owning 49 percent of 5 malls throughout New Zealand. The malls that they bought into are: Westfield Albany, Westfield Manukau, Westfield Newmarket, Westfield Riccarton and Westfield St Lukes.

Westfield
Of course the sale is still subject to approval by the New Zealand government and there are some detractors that would like to see the deal put down, but it appears that GIC and Scentre are going to successfully continue to build upon the regional relationship that they had when Scentre was still part of Westfield. The two have shared joint ownership of two Australian malls for the past seven years: Westfield Parramatta and Westfield Whitford City. And with lease rates that average 99.6% among the five New Zealand malls that GIC is purchasing, they should have no complaints about the revenues coming in going forward. The malls currently house a total of 838 different retailers, including discount stores like Target and Kmart and specialty stores. The purchase itself is at a four percent premium to the overall book value of the New Zealand malls.


Good Timing for Scentre Group:
As a new entity, Scentre Group has inherited a lot of real estate along with a mandate to grow and provide strong returns for their investors. Peter Allen, CEO of Scentre Group, said “A strategic focus of Scentre Group is the introduction of joint venture partners into some of our wholly owned assets, with the capital proceeds available for redeployment into our development pipeline and the repayment of debt." When this deal closes, it will allow Scentre Group to use the money to pay down debt in New Zealand and prepare for growth. 


More about shopping malls in New Zealand



TODAY:
The spaces, designed in Hermès colors, will appear in Paris, Tokyo, New York and other cities around the world.
YESTERDAY, USA:
The iconic store will close after 14 years of operation.
YESTERDAY, Italy:
The automaker plans to open stores in the new concept in the world's major metropolitan cities.
Oct 1, 2022, Spain:
The new store on Paseo de Gracia reflects the brand's British style
Sep 29, 2022, Russia:
The third quarter was strongly influenced by the decision to cease sales in Russia and the subsequent closure of the business.
Sep 28, 2022, United Kingdom:
IKEA cooperates with British grocery giant Tesco, launching a new service.
Friend
and Follow
Liberty Center GLA:828 821 SF
USA . Cincinnati
Liberty Center
Queens Place GLA:440 000 SF
ADDRESS: 88-01 Queens Boulevard Elmhurst, NY 11373
USA . New York
Queens Place
Cabot Circus GLA:990 280 SF
ADDRESS: Glass House, Bristol BS1 3BX
United Kingdom . Bristol
Cabot Circus
FAN Mallorca Shopping GLA:592 015 SF
ADDRESS: C/ Cardenal Rossel, S/N. 07007 Palma de Mallorca
Spain . Palma
FAN Mallorca Shopping


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us