Shopping Centre Investments (SCIL) – which operates Hub Hornby Shopping Centre in Christchurch – has listed its shares on the Unlisted Securities Exchange.
The centre is valued at $129 million and is home to 80 businesses including anchor tenants Farmers and Pak N Save. Its net profit for this year was $7.958 million including revaluations.
Michael Keyse, chairman of SCIL, described the listing is the “culmination” of a 21-year journey.
“Since our acquisition in 2001, we’ve expanded and modernised the Hub Hornby Shopping Centre in order to become a true regional shopping destination. Our listing will now give our shareholders a market for their shares.”
Evan Harris, national retail director for Colliers, which manages the centre, added: “Buying shares in a shopping centre means the risk is lowered by having multiple tenancies compared to single properties with only one tenant.
“With new tenants such as Cotton On Body, Cotton On Kids, and Starbucks coming on board in the last eight months, we’re thrilled to say we have grown to 98 per cent occupancy.”
