New Zealand’s Hunters Plaza Shopping Centre in Auckland has been purchased by Global Yellow Pages (GYP), via its subsidiary GYP Properties, for NZ$45.6 million ($31.5 million). The seller is New Zealand-based Talavera Retail (Papatoetoe).
The Hunters Plaza Shopping Centre was the second shopping centre in New Zealand purchased by GYP. The group’s first acquisition was Pakuranga Plaza in May last year. GYP, based in Singapore, acquired shares in Pakuranga Plaza in 2014 for $96 million.
The conditional purchase agreement for the freehold property – with 16,290sqm of gross leasable retail space – includes 2.88ha of land around the mall.
The transaction involved a down payment of NZ$6.9 million within 30 working days of the agreement. The remaining $38.7 million will be paid following the completion of the deal, under which GYP Properties has the right to nominate another purchaser before the transaction closes.
Zoltan Moricz, real-estate service company CBRE New Zealand’s senior director of research, said there were 136 commercial property transactions worth a total $2.831 billion in the second half of last year.
“Auckland led the growth path with 99 sales totalling $1.72 billion, but Wellington has also extended its previous result with 17 transactions totalling $682 million. Christchurch had 14 sales, totalling $212 million,” Moricz said.
