Auckland mall WestCity sold for A$147m

Scentre has announced the sale of Westfield Westcity in Henderson. Photo/Michael Craig

ASX-listed Scentre Group, with $1.2 billion of New Zealand assets, has reported the A$147 milion sale of its WestCity mall in Henderson - the last shopping centre it fully owned in this country.

In the result posted today for the 12 months to December 31, 2016, the Sydney-headquartered business said it has "divested A$368 million of two non strategic assets, Casey Central in Victoria and WestCity in New Zealand."

Family-owned Australian business Angaet Group has bought the Auckland mall.

Scentre owns five big New Zealand malls in joint ventures and listed Albany, Newmarket and St Lukes as "future developments", part of a A$3b "future development pipeline."

Scentre has A$45.7b total assets under management here and in Australia. Peter Allen, chief executive, said the annual profit was A$2.991b which included revaluations of A$1.6b.

Last February, Allen expressed confidence about Scentre's Auckland developments proceeding with Newmarket expected to start before the end of 2016 although no work has started yet.

On plans for Newmarket's 277, St Lukes and Albany, Allen said last year: "It will be over $500 million."

The owner/manager has for many years held ambitions to redevelop the malls in wealthy city areas, Allen indicated last year that the programme would begin soon, due to New Zealand's strong economy.

"We have a plan we're finalising. We're hoping to be in a position where by the end of this year, we'll be able to commence. It will be a new Farmers, new cinemas in terms of entertainment and a number of other international retailers we have negotiations with. I'm not going to say who," he said of Newmarket last year.

Colliers said today it would manage the Henderson centre, a 36,108sq m regional mall with 1492 carparks.