Wednesday 19th October 2011 |
Text too small? |
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.
(BusinessDesk)
BusinessDesk.co.nz
No comments yet
GTK - Half-Year Results Announcement Date
Government ends war on farming
Sky and BBC Studios renew expanded, multi-year agreement
AOF - Q1 Improved Trading Performance & FY24 Guidance Maintained
Devon Funds Morning Note - 23 April 2024
April 23rd Morning Report
RYM - Group CEO Update
BGI - Director Michael Chai
RAD - Final Dividend and Strong FY24 Operating Performance
RYM - Group CEO Update