Glasson family buys 49% of Westfield Albany from Singaporeans for $308m
The Glasson family has acquired a 49% stake in Auckland's Westfield Albany shopping center from Singapore's GIC for $308 million. This transaction is reported to be the largest single-asset retail sale in New Zealand's history.
Why it matters
The deal highlights significant investor confidence in New Zealand's retail real estate sector despite broader economic shifts.
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The low-profile Glasson family has paid $308 million for 49% of giant Auckland shopping centre Westfield Albany in New Zealand’s largest sale of a single retail asset.
Singapore’s sovereign wealth fund GIC sold its minority share in the popular shopping centre.
ASX-listed Scentre Group retains a 51% share of that huge centre.
The mall is the North Shore’s biggest and one of New Zealand’s largest, with such a big land holding that for many years Scentre has indicated an appetite to develop it.
Richard Kirke, Colliers’ agency managing director based in Auckland, said this was the single largest retail deal in this country’s history.
“This landmark deal represents New Zealand’s most significant single asset retail transaction on record.
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