Listed Kiwi Income Property Trust has purchased West Auckland's LynnMall shopping centre for $174 million from AMP Capital Property.
The 1963 built mall has 110 tenants including Farmers, Whitcoulls, Hallensteins, House of Travel and a variety of eateries.
At the moment 99.6% of the shopping centre's 30,661sq m is tenanted.
The purchase will be funded by debt, raising Kiwi Income Property Trust's net gearing by 6% to 31%.
"LynnMall provides us with an opportunity to apply our proven active asset management model to improve the centre's attractiveness and competitiveness to shoppers and tenants alike.,” Kiwi Income Property Trust chief executive Chris Gudgeon said.
"In acquiring this asset, we have already identified potential opportunities to enhance the centre and its retail mix by drawing on our extensive network of national and international retailers,”
This adds to the trust's existing shopping centre assets including Sylvia Park, Centre Place in Hamilton and The Plaza in Palmerston North.
The transaction is expected to settle on December 31 and will need Overseas Investment Office approval.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Marlborough-based wine company lists on the NXT despite OIO hiccup
- MARKET CLOSE: NZ shares gain as market bounce continues; Kathmandu, Fletcher rise
- NBR ONLINE paid member subscribers top 4000
- New lawyers not doing 'much better' than job at McDonald's – report surprises
- Brexit applies a strong currency and customer-growth headwind to Xero
Most listened to
- Marlborough Wine Estates CEO Catherine Ma explains why the Chinese-owned company listed on the NXT
- National list MP Chris Bishop says Phil Twyford's accusation the government has made housing a 'race issue' is hypocritical
- Bond prices have fallen while oil prices have risen - Jason Walls explains why on Walls' Street
- NBR technology editor Chris Keall on hitting 4000 member subscribers
- In his Editor's Insight Nevil Gibson on the future of health information technology and medical devices industry