Multiplex buys 11 retail centres

The unlisted Multiplex NZ Property Fund has expanded its presence in New Zealand with a $55.3 million purchase of 11 retail centres.

Multiplex bought 10 provincial retail outlets and the Howick Shopping Centre in Auckland's eastern suburbs.

Multiplex bought the Pernik Retail Portfolio which owns Woolworths, Foodtown and Countdown stores in New Plymouth, Wanganui, Invercargill, Putaruru and Oamaru. It also bought regional shopping centres in Dargaville, Pukekohe, Paeroa, Te Awamutu and Marton.

The Howick centre has a Foodtown and seven specialty retail stores. All 11 centres are leased to General Distributors, a wholly-owned subsidiary of ASX-listed Foodland Associated, on lease terms from nine to 15 years.

Ian O'Toole, managing director of Multiplex's funds management division Multiplex Capital in Australia, said New Zealand's similarity to the Australian property market made the purchase attractive.

Multiplex raised $114.3 million via a share offer and bought supermarket and distribution properties throughout New Zealand. The minimum investment was $10,000 on a seven-year term.

Aegis gave the offer 87.5 out of 100. Lonsec Property Research also gave the offer a "highly recommended" rating.