ASX listed Scentre Group, with nine Westfield-branded malls in New Zealand, intends to sell four of its big centres here.
Those are Westfield WestCity in Henderson, Westfield Glenfield, Westfield Chartwell in Hamilton and Westfield Queensgate in Lower Hutt.
Announcing it made A$578 million in the December half year, the business signalled a clear intention to reduce its New Zealand stake, following the 49 per cent sale of five of its malls to Asian interests late last year.
In a statement released to the ASX today on its business plans, Scentre indicated it would keep malls where redevelopment opportunities were big but sell the others.
"In November 2014, Scentre Group announced a NZ$2.1bn joint venture with GIC for five shopping centres in New Zealand, three of which have developments planned. This transaction is expected to close during the 1st quarter of 2015.
"More recently, the group announced a sale process for the remaining four 100 per cent owned shopping centres in New Zealand," Scentre's statement today said.
Last year, Scentre sold 49 per cent of Westfield Albany, Westfield Manukau, Westfield Newmarket, Westfield Riccarton and Westfield St Lukes to Singapore's GIC and said at the time it would provide services for those.
"Following the transaction, Scentre Group will own a 51 per cent interest in each of these shopping centres and will continue to provide property management, development, design and construction services," a Scentre statement said.
GIC, Singapore's sovereign wealth fund, said last year it would invest in four malls in Auckland and one in Christchurch, collectively worth $2.1 billion.
This week, Westfield was singled out in a threatening video released by Islamic terrorist group Al-Shabaab, also called al-Shebab. A video advised its supporters to attack Westfield malls around the world. The group murdered at least 63 people in a September 2013 attack in the Westgate mall in Nairobi, Kenya.
By Anne Gibson of the New Zealand Herald
