Covid knocks $150m off Westfield's NZ mall values

Tue, 25 Aug 2020

The covid-19 pandemic took a $150 million bite out of Westfield's five New Zealand malls over the past six months, in a period where its parent, ASX-listed Scentre Group, lost A$3.6 billion on the reduced valuation of its property portfolio. Scentre Group holds a 51 percent interest in five malls, four in Auckland and one in Christchurch, which were revalued at NZ$1.55 billion from $1.7 billion in December. The financial repercussions for retailers were more pronounced at the NZ shopping centres due to the stricter lockdown measures, whi...

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