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Kiwi Property to carry out expansion of New Zealand's biggest shopping mall

Kiwi Property Group Ltd. is planning a NZ$223 million retail expansion project for Sylvia Park, New Zealand's biggest shopping mall.

Kiwi Property's development scheme will add approximately 18,000 square meters of retail space and 60 new vendors to the mall, which includes a two-story Farmers flagship department store. Post-expansion, the mall will hold a total retail floor area of more than 90,000 square meters and be valued at NZ$1.12 billion, according to a release.

The mall houses upward of 200 retailers, including Zara, H&M, Seed, Adairs, Kiehls, Hoyts Cinemas, PAK'nSAVE and The Warehouse. Specialty sales productivity increased to more than NZ$12,400 per square meter, up from the NZ$7,200 per square meter figure logged in 2009. Sylvia Park customer numbers grew to more than 14 million.

The local property company said earlier that it will utilize funds from a NZ$161 million entitlement issuance of new equity it carried out in June 2017 to partially finance the project.

As of Feb. 28, US$1 was equivalent to NZ$1.38.