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.