Westfield NZ property portfolio slips below $3 billion

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.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7037 -0.0120 -1.68%
AUD 0.8937 -0.0188 -2.06%
EUR 0.5952 -0.0116 -1.91%
GBP 0.5348 -0.0071 -1.31%
HKD 5.4898 -0.0995 -1.78%
JPY 79.1990 -1.7430 -2.15%

Commods

Commodity Price Change Time
Gold Index 1280.7 -4.180 2017-10-18T00:
Oil Brent 58.1 0.280 2017-10-18T00:
Oil Nymex 52.0 0.170 2017-10-18T00:
Silver Index 17.0 -0.044 2017-10-18T00:

Indices

Symbol Open High Last %
NZX 50 8115.0 8129.9 8115.0 0.11%
NASDAQ 6634.3 6635.5 6623.7 0.01%
DAX 13036.3 13042.6 13043.0 -0.64%
DJI 23087.1 23172.9 22997.4 0.70%
FTSE 7542.9 7542.9 7542.9 -0.44%
HKSE 28783.8 28798.8 28711.8 -1.92%
NI225 21450.0 21503.8 21363.0 0.40%
ASX 5890.5 5910.2 5890.5 0.05%