Kiwi Property has secured a conditional agreement to sell Northlands Shopping Centre and 43 Langdons Road (Northlands) in Christchurch to Mackersy Property for $160 million.
The sale is expected to provide proceeds to fund the company’s mixed-use development pipeline and provide balance sheet flexibility.
The final sale price represents a property level internal rate of return of 10.9% since inception, with the purchaser retaining $9 million to complete seismic works.
The transaction is subject to two conditions and is expected to settle on or before 30 November 2022.
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