Sharechat Logo

Mall bidding war?

By Chris Hutching

Friday 28th March 2003

Text too small?
One of the biggest deals involving New Zealand retail property was finalised when Australian-based mall owner Westfield Trust bought a 16.9% stake in the AMP Shopping Centre Trust this week for $265 million.

The deal was the focus of financial reporting in Australia earlier this week.

In New Zealand the trust owns Botany Town Centre, Manukau Supa Centa and Lynn Mall.

In response to the purchase the Australian Stock Exchange-listed AMP Shopping Centre Trust units climbed to a record $A1.80.

Analysts said that the AMP Trust's nine malls were popular because Australian investors have relatively limited opportunities to invest in shopping centres due to zoning difficulties, compared with office and industrial property.

AMP Life, advised by Merrill Lynch, retains a 20% stake in the trust.

It is unclear whether Westfield plans to stay as a long-term holder or was reacting to an earlier bid by "hostile" suitor Centro Properties, which has 19.9% of the trust.

The Centro bid values the shares at about $A1.67.

Analysts suspect the takeover tussle has more chapters to run and that neither Westfield nor Centro will be prepared to remain content at the current levels.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

POT Financial Results for the year to 30 June 2025
MOVE FY25 Results for the year ended 30 June 2025
BPG - Completion of Retail Offer
Comvita releases results for the year ended 30 June 2025
August 29th Morning Report
Air New Zealand announces 2025 financial result
August 28th Morning Report
VSL - 2025 date of Annual Meeting of shareholders
WIN - Winton announces FY25 Annual Results
Meridian Energy Limited 2025 Full Year Financial Results