Property editor of the NZ Herald

Mall owner pushes up profit

Scentre Group has just declared its half-year result. Photo/Chris Gorman
Scentre Group has just declared its half-year result. Photo/Chris Gorman

Giant Australian and New Zealand shopping mall owner/manager Scentre Group declared A$617 million funds from operations in the June 30 2016 half-year, up from A$604 million in the June 2015 half-year.

But New Zealand accounts for only 7 per cent of the ASX listed entity's gross lettable area and just 4 per cent of the portfolio by asset value.

Scentre fully owns just one New Zealand mall, Westfield WestCity, but is a joint owner of five other malls with a Singaporean Government investment fund including Auckland's Albany, Newmarket and St Lukes, and Riccarton in Christchurch.

Albany and St Lukes are is the only New Zealand malls listed in the latest result as being in a $A3 billion total future development pipeline, along with a group of Australian malls.

No New Zealand malls are listed as active projects in a A$915 million pipeline of works.

Scentre owns and operates 40 Westfield malls including 16 of the 25 Australian top performers, its resuls said.

It has assets under management of A$43.3 billion and a 33.7 per cent gearing ratio.

- NZ Herald

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