Lendlease selling NZ$350 million New Zealand retail portfolio

The Lendlease Real Estate Partners New Zealand fund is set to sell New Zealand’s premier retail portfolio.

The portfolio is expected to fetch a combined price in excess of NZ$350 million.

The portfolio includes outlet centres Dress Smart Onehunga, Auckland (pictured top) and Dress Smart Hornby, Christchurch (pictured above), together with Meridian Mall (pictured below) - a retail asset in the centre of Dunedin’s CBD. 

The portfolio is being offered in one line. 

Colliers International and CBRE are managing the International Expressions of Interest campaign which commences in October 2019.

Each centre is the number one performer in its respective catchment. 

“We expect to receive significant interest from offshore investors, who will be drawn to the globally attractive initial yield, low acquisition costs and quality growth opportunities each city’s demographic offers,” Simon Rooney, CBRE Head of Retail Investments commented.

“Around the world, the outlet centre market is relatively small in terms of the number of centres and the number of investors and operators participating. Outlet centres have successfully closed the gap between full price retail and highly disruptive internet sales as they provide a level of investment diversification from traditional shopping centres,” said Mr. MacGillivray.

“This retail portfolio represents a ‘once in a generation’ opportunity to immediately dominate the outlet retail experience in New Zealand.”