Lynmall gets new owner in $174m deal

LynnMall shopping centre in New Lynn

Kiwi Income Property Trust has struck a deal to purchase one of New Zealand's earliest shopping centres.

The Trust is seeking Overseas Investment Office approval to purchase the LynnMall Shopping Centre from AMP Capital Property Portfolio for $174 million.

The complex, touted as New Zealand's first shopping centre, incorporates 130 shops, 1412 carparks and is spread across more than 7 hectares on Great North Road in Auckland's New Lynn.

It is 99.6 per cent occupied.

The Trust said the purchase was consistent with its objective to provide long-term sustainable investment returns and increasing exposure to the Auckland retail market.

It will be funded from existing bank debt facilities.

The Trust said it expects to be able to finalise the deal on December 31, subject to OIO approval being received.

- Susie Nordqvist