Elanor Investors Group acquired a shopping center in the Auckland suburb of Papatoetoe, New Zealand, for NZ$50.6 million, marking the company's first acquisition in the country.
Hunters Plaza Syndicate, Elanor's new managed fund, will hold the 15,885-square-meter Hunters Plaza Shopping Centre, which was purchased with a two-year rental guarantee. The asset underwent major remodeling in 2015.
The shopping center is anchored by a Countdown supermarket and a Kmart department store, covering 2,547 square meters and 6,170 square meters of space, respectively. Other tenants in the retail space include Cityfitness, Noel Leeming and Number One, along with more than 40 specialty retailers.
The purchase is expected to be settled in July. With the establishment of the new fund, Elanor's owned and managed portfolio now stands at A$800 million.
As of June 1, US$1 was equivalent to NZ$1.41 and A$1.35.