Westfield acquires Auckland centre

Wednesday 4 August 2004

The Westfield Group has announced it has acquired the remaining 50 per cent interest in the Two Double Seven shopping centre and adjacent land at Newmarket, in Auckland, New Zealand.

By The Landlord

The acquisition is part of Westfield's continuing plan to redevelop the shopping and land.

Westfield first committed to the project in August 2002 when it formed a joint venture with Auckland One Ltd, the owner of the Two Double Seven shopping centre in Newmarket Auckland, to redevelop its existing retail complex.

The new design, covering up to seven hectares of land, was to include a new business park and possibly residential apartments, but would be predominantly retail focused.

Westfield purchased 50 per cent of the Two Double Seven shopping centre from Auckland One, and now two years later, has announced the purchase of the remaining 50 per cent for $NZ71.9 million.

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