23 Dec 2015

Kiwi Property sells Hamilton mall

4:52 pm on 23 December 2015

Hamilton's Centre Place South shopping mall has been sold for $46.7 million by retail and office property investor and developer Kiwi Property.

Centre Place mall, Hamilton

Centre Place mall, Hamilton Photo: Kiwi Property

Kiwi will continue to own Centre Place North for now, which is separated from Centre Place South by a pedestrian street mall.

It would also continue to manage Centre Place South, on behalf of the undisclosed New Zealand purchaser.

The sale price represented a discount of three percent to the centre's March book value, Kiwi Property chief executive Chris Gudgeon said.

"Centre Place South was redeveloped in 2013 and has been trading well since completion. This was an opportune time to take the centre to market and capitalise on the redevelopment," Mr Gudgeon said.

"Proceeds from the sale will be used to pay down debt, providing us with further funding flexibility to facilitate other value-add opportunities elsewhere in our portfolio."

The buyer would make themselves known in due course, by the time the deal is finalised in the middle of next year, Mr Gudgeon said.

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