AMP NZ Office changes name to Precinct, to buy Westfield Downtown mall for $90M

Fri, 21 Sep 2012

Sept. 21 (BusinessDesk) - AMP NZ Office, which is changing its name to Precinct Properties New Zealand, agreed to buy Auckland’s Westfield Downtown Shopping Centre from Westfield Group and Westfield Retail Trust for $90 million. The purchase price is below an independent valuation and is at an initial yield of 7.6 percent. The property has a weighted average lease term (WALT) of 2.9 years, the company said in a statement The acquisition would lift annualized earnings by about 3 percent and allows the property investor to forecast a full-year...

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