The 12 New Zealand shopping malls owned by Australian company Westfield have declined in value to $NZ2.88 billion as at December 31, from $3 billion at the same time last year.
The company started by immigrant Frank Lowy in the western suburbs of Sydney in the 1950s today reported operating earnings of $A2.064 billion ($NZ2.63 billion) in the year to December 31.
A breakdown in the company's result showed the Albany mall in Auckland was valued at $373 million, Chartwell in Hamilton at $138 million, Downtown Auckland at $79.1m, Glenfield $122.5m, Manukau $320.3m, Newmarket $231.4 million, Pakuranga $91.2 million, Queensgate $340.5 million, Shore City $100.3 milion, St Lukes $450.5 million and WestCity $188.3 million.
The redeveloped Riccarton Mall in Christchurch was worth $447 million, up from $369.5 million last year.
The malls collectively have 1723 retail outlets.
The estimated yield on the company's investments in New Zealand was 6.8-8.6%, with a weighted average of 7.4%.
The New Zealand average was higher than the Australian average of 6.1%, and higher than in any region the company operated in.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- MediaWorks' Bravo NZ deal a "case of 2+2 being more than simply Four" - Mark Weldon
- My Food Bag co-chief executive Cecilia Robinson discusses what its capital restructure might be made of
- Anthony Harper partner Jennifer Mills on the question: Uber drivers - contractors or employees?
- The government has backed itself into a corner into over how patent attorneys are regulated, says Rob Hosking
- In his Editor’s Insight, Nevil Gibson says the Australian Budget is a curtain-raiser for an election