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LendLease to sell 3 New Zealand retail properties for more than NZ$350M

LendLease Group will sell three retail properties in New Zealand in a deal expected to fetch more than NZ$350 million, The Australian Financial Review reported Oct. 17.

The group owns the portfolio through its Real Estate Partners New Zealand fund and it comprises two outlet centers, Dress Smart Onehunga in Auckland and Dress Smart Hornby in Christchurch, as well as Meridian Mall in the Dunedin CBD.

The retail centers, which are being sold in one line through Colliers International Group Inc. and CBRE Group Inc., are the top performers in their respective catchments, the publication reported.

As of Oct. 17, US$1 was equivalent to NZ$1.58.