Hamilton shopping centre finally sold
Opportune time to capitalise on the centre's redevelopment.
Kiwi Property [NZX: KPG] has sold Centre Place South in Hamilton and gained another $100,000 on the original price after a protracted sales campaign.
A campaign to sell the redeveloped shopping centre launched in February last year and a conditional agreement was signed at the end of the year. The unnamed Kiwi buyer wanted updated unit titles and the consent of Hamilton City Council to the transfer of two ground leases.
Kiwi Property now has an unconditional agreement for $46.8 million, a settlement date of August 11 and has removed the ground leases consent.
When the conditional agreement was signed in December, Kiwi Property chief executive Chris Gudgeon said it was an opportune time to capitalise on the centre’s redevelopment.
He said proceeds from the sale would be used to pay down debt, providing the company with further funding flexibility for other value-add opportunities elsewhere in its portfolio.
Centre Place Shopping Centre comprises Centre Place North and Centre Place South. Kiwi Property will retain ownership of Centre Place North and will continue to manage the entire centre. Centre Place South and North are separated by the pedestrianised Ward St.
Centre Place South comprises 10,933sq m of net lettable area. It includes a new Farmers department store, along with 27 speciality tenancies.
Kiwi Property acquired the asset in three tranches between December 1994 and December 2005.
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Sally Lindsay
Wed, 22 Jun 2016
Wed, 22 Jun 2016
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Hamilton shopping centre finally sold
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