Kiwi Property sells Sylvia Park Lifestyle for $90m

Kiwi Property has announced a conditional agreement to sell its Sylvia Park Lifestyle property in Auckland for $90 million.

The property is at 393 Mt Wellington Highway, opposite Sylvia Park Mall and 16 tenants including fabric seller Spotlight and furniture store, Nood, according to its website. 

The buyer is the Mackersy LFR Fund, a new large-format retail fund to be established by Mackersy Property.

The sale price is in line with the property's valuation as of March 31, 2025.

Kiwi Property will acquire a 50% stake in the Mackersy LFR Fund and underwrite an additional 25% of the units.

The company will also continue to provide property management and leasing services for Sylvia Park Lifestyle.

The sale is subject to the condition of a capital raise by the Mackersy LFR Fund, which is expected to be fulfilled by December 19, 2025.

If the condition is met, settlement is anticipated to take place in the first quarter of 2026.

Kiwi Property's chief executive, Clive Mackenzie, said the sale would provide a new source of capital to support the company's development projects and enhance balance sheet flexibility.