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 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.
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