Kiwi Property buys Westgate mall for $82.5 million

Tue, 01 Sep 2015

By Suze Metherell Sept. 2 (BusinessDesk) - Kiwi Property Group, the country's largest listed property investor, paid $82.5 million for the Westgate retail centre in Auckland being developed by New Zealand Retail Property Group. The 25,500 square foot shopping centre, known as Zone 7, has 87 percent of pre-committed lease agreements with a weighted average lease term of 8.1 years, the Auckland-based company said in a statement. The Westgate mall is due to open in March next year with 28 shops and 622 car parks. The purchase comes after...

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