Auckland One Sells Newmarket To Westfield

Friday, 30 July 2004, 2:44 pm
Press Release: Westfield NZ Ltd

Friday 30 July 2004

Newmarket

Auckland One today announced that it has completed the sale of its half share in all its Newmarket properties to its partner in the venture, Westfield.

“This completes the rationalisation of our properties in Australia and New Zealand” says Michelle McKellar, Chief Executive Officer Property of Intro International Ltd. “The proceeds of this rationalisation will be used to focus on investment in Asia”, she says.

Westfield spokesperson, John Widdup thanked Auckland One for its participation in the joint venture over the past two years.

“While Denis Jen has priorities in Asia, Westfield has priorities in redeveloping Newmarket into an inner city development of international standing. This agreement reached between the partners facilitates both parties objectives”.

Westfield intends to proceed with the development of the properties it now owns in the southern part of Newmarket.

ENDS

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