Supermarket giant Woolworths has sold a $121 million shopping centre portfolio in New Zealand to Australian-based real estate fund manager, Fawkner Property.

The news, broken by The Australian, follows a pattern of divestments at Woolworths; it is reported to have earned nearly $728 million from such deals.

A previous deal with the Taiwanese firm Forest Endeavour closed for around $607 million. Before it was finalised, a company spokesperson told Inside Retail Australia that these deals are not unusual for the supermarket company.

“As part of the standard operating rhythm, sites are developed and sold with Woolworths leases in place,” the spokesperson said, adding that it was reviewing which other assets that it could put on the market.