Published 11 July 2018, updated 16 July 2018:
Kiwi Property Group Ltd said last Tuesday its $100 million sale of the North City Shopping Centre, Porirua, had settled.
Kiwi said in April it had sold the centre to the Angaet Group of Adelaide for $12.4 million less than book value.
It’s Angaet’s second New Zealand purchase following its acquisition of the WestCity mall in Henderson from the manager of Westfield Group’s New Zealand malls, Scentre (NZ) Ltd, settled last July.
Update: Angaet appointed Colliers to manage the centre from settlement on Monday 9 July. Colliers also manages WestCity.
The North City mall at 2 Titahi Bay Rd, Porirua, was built in 1990 and refurbished & extended in 1997 & 2004. The 3-level regional shopping centre has 98 tenants in a net lettable area of 25,439m² and 1102 parking spaces, and is anchored by Kmart, Farmers & a Reading Cinemas complex. It has 68 specialty retail tenants, 11 kiosks, 11 foodcourt tenants, and 8 office suites on the third floor.
13 April 2018: Adelaide family makes Porirua mall its second NZ purchase
Attribution: Company release.