Trafalgar Square sold

Wanganui's Trafalgar Square Shopping Centre has been sold to an Australian company for $14 million. Urbus Properties Ltd, who were the pervious owners, announced the unconditional sale yesterday and said it sold above its current book value. Urbus Management chief executive officer Hamish Plimmer said they decided to sell the property due to their focus changing to bulk retail assets rather than shopping centre assets.
"This property is the only shopping centre we own and is also our only property in Wanganui," he said.
Urbus has an asset base value of $450m, made up of 55 retail, industrial and office properties that are mainly in the Auckland region. The new owners did not want to be identified at this time.