Kiwi buys half The Base and wants the rest too

The Warehouse at The Base shopping centre at Te Rapa. Owner Tainui is selling half of its stake in the centre. Photo/ Christine Cornege

NZX listed Kiwi Property has bought a half share of Hamilton's The Base shopping centre for $192.5 million but wants to buy the entire property.

Chris Joblin, Tainui Group Holdings chief executive, has just announced the sale after the business put a half stake in its huge retail centre up for sale last year.

Joblin said Kiwi had offered to buy the remaining 50 per cent of The Base for a further $197.5 million in cash and shares "which will be reviewed by TGH and Waikato-Tainui in the weeks to come."

He also announced that Kiwi would manage the centre.

Kiwi is one of New Zealand's biggest shopping centre owners.

Its properties include Auckland's Sylvia Park and the Sylvia Park Lifestyle Centre opposite as well as Lynn Mall where it has just added cinemas and The Brickworks dining and entertainment precinct, Centre Place in Hamilton, The Plaza in Palmerston North, North City in Porirua and Northlands at Papanui in Christchurch.

Kiwi describes itself as New Zealand's largest listed diversified property company with a portfolio of $2.39 billion.