Wednesday 19th October 2011
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A group of investors led by Lend Lease has bought four shopping centres in New Zealand for $197 million from the Australian property group.
The Lend Lease Real Estate Partners New Zealand Fund has signed a deal to acquire the Dress-Smart outlets in Auckland, Christchurch and Wellington, and Dunedin’s Meridian Mall from Lend Lease, the company said in a statement to the ASX. The fund is a wholesale investment vehicle for institutional investors with equity commitments of $115 million, of which Lend Lease has a 5.3 percent stake.
“The launch of a new fund demonstrates Lend Lease’s strong capability to facilitate investment solutions through its wholesale investment management platform and direct access to institutional capital,” chief executive Steve McCann said. “The transaction allows investors to gain exposure to a well-established portfolio of retail assets in New Zealand.”
The Australian property company bought the four New Zealand properties in October last year as part of a A$1.4 billion consortium purchase of the ING Retail Property Fund. The New Zealand component of the deal had a consideration of $185.1 million, according to last year’s Overseas Investment Office decision summary.
The deal is subject to regulatory approval, and is expected to complete next month.
Lend Lease shares fell 1.7 percent to A$7.75 on the ASX yesterday, and have shed 8.7 percent this year.
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