Stake in five Westfield malls goes up for sale

(Source: Supplied)

A 49 per cent, non-management interest in five Westfield malls located in Auckland and Christchurch is being offered for sale.

The malls have a combined gross lettable area of more than 280,500sqm and boast total annual sales of more than $2.37 billion.

The property portfolio also includes approximately 60ha of prime metro land and more than 44.4 million visitors annually.

The highlight of the five is Westfield Newmarket, New Zealand’s top-performing shopping centre with a gross lettable area of 86,899sqm. The mall houses the only David Jones department store in the country, together with luxury brands including Louis Vuitton, Gucci, Balenciaga, Moncler and Saint Laurent.

The remaining assets are Westfields in Albany, St Lukes, Manukau City, and Riccarton.

The sale is carried out through Lachlan MacGillivray and Richard Kirke of Colliers, jointly with Bayleys and Knight Frank. An expressions of interest campaign for the stake has launched and will close April 18.

The experts expect strong interest from Australian, New Zealand and international investors.

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