More Westfield sales to come

More Westfield sales to come

Auckland, December 2, 2015

Colliers International has been appointed by Scentre Group to market Westfield West City, following the $549 million sale of three Westfield malls last week.

Colliers’ Capital Markets Directors John Goddard and Andrew Reed will market the 36,274 sqm West City centre in Henderson on behalf of ASX-listed company Scentre Group, after selling three of their Westfield malls in Lower Hutt, Hamilton and Auckland.

Westfield West City has a current book value of $161.5 million.

On Friday it was announced the Ladstone Holdings group of companies acquired Westfield Glenfield, while a fund managed by Stride Property Ltd, called Diversified NZ Property Fund Ltd, purchased Westfield Queensgate and Westfield Chartwell - subject to approval of the Overseas Investment Office.

Diversified NZ Property Fund’s purchase of the Queensgate and Chartwell centres is expected to close in the first half of next year. Diversified’s managing company, Stride Property Limited, is based in New Zealand but manages funds on behalf on offshore institutional investors.

Goddard says the sale of Queensgate and Chartwell transacted at a blended yield of 8.2% and Glenfield was in excess of 9%.

“This sale constituted the single largest transaction in the history of Colliers International New Zealand, so it is fantastic to be appointed to sell another property in Scentre’s portfolio.”

Reed says Scentre Group had been considering divestment of some of their assets for a number of years.

“The process for last week’s transactions took place over the last 12 months, so it is extremely satisfying to bring it to a successful conclusion and to now have the opportunity to market a key Auckland, regional centre.”

ENDS

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