The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Interested in a TUD+ Membership for your team? Access premium content, site tours, event discounts and networking opportunities
Interested in a Corporate Membership? Access exclusive member benefits today
Enquire NowEnquire
On Demand

Fireside Chat | Inside GemLife With Adrian Puljich

Building Australia's Newest Airport: Multiplex

The Makers Of The Mondrian | Design, Vision And Delivery Behind One Of Australia’s Most Anticipated Luxury Hotels

Next Gen Now | How Emerging Developers Are Redefining The Game

View All >
Latest News
Lendlease and Mitsubishi Estate Asia are topping out sales books and construction on the One Circular Quay tower which could boast the most expensive apartment in Australia.
Residential

Sydney Penthouse Poised to Be Nation’s Priciest Home

Renee McKeown
2 Min
Development

Brookfield, GPT, Charter Hall, MSCI Join CRE Summit

David Di Marco
4 Min
Office

Golden Age Completes $180m 130 Little Collins Street Tower

Lindsay Saunders
3 Min
Infrastructure

Plans Revealed for $60m Tasmania AFL Training Centre

Lindsay Saunders
2 Min
View All >
Events
Summit

Commercial Real Estate Summit

Summit

Urban Leader Awards

One-Day Course

Property Development Masterclass Series

Lunch

Long Lunch Series

View All >
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
SHARE
2
print
Print
OfficeThu 12 Apr 18

Aussie Rich-Lister Picks up $95m Auckland Mall

1bca58c4-9e50-4102-b174-31fc4a92779a

South Australian developer Nick DiMauro and his company Angaet Holdings has purchased the North City Shopping Centre, Porirua, north of Wellington for $95 million from Kiwi Property.

Di Mauro’s Angaet owns more than 20 shopping centres in Australia. North City will be his second shopping centre asset in New Zealand after acquiring Westfield WestCity shopping centre in Auckland’s Henderson in February 2017 from Scentre Group for $147 million.

North City, which opened in 1990, has 102 tenancies including Kmart, Farmers and a Reading Cinemas as well as parking for more than 1100 cars.

Kiwi Property said the sale was slightly below an independent valuation done on the North City Centre in March which valued it at $100 million.

“North City had been identified for sale as part of our capital recycling programme designed to fund current investment priorities,” Kiwi Property chief executive Chris Gudgeon said.

“Proceeds from the sale, due to settle in July 2018, will be used to pay down bank debt and provide further balance sheet flexibility.”

The sale follows Kiwi Property’s recent sale of The Majestic Centre, an office tower in Wellington, for $117 million.

DiMauro was named on the Australian Financial Review Rich List in 2017 with a net worth of about $530 million.

NZX-listed Kiwi Property has been around for more than 20 years and owns and manages a NZ$3.1 billion portfolio of real estate, comprising some of New Zealand’s best shopping centres and prime office buildings.

In November, Kiwi sold Wellington’s tallest building, The Majestic Centre, for $111 million to Investec Australia Property Fund. The 29-storey tower continues to be managed by Kiwi.

Auckland Apartment Hotel Up for Sale

The Waldorf Stadium Apartment Hotel in Auckland’s CBD has been listed for sale with price expectations around the $70 million mark.

The 178-unit strata title development is to be sold subject to a new 11-year performance lease, underpinned by guarantees from Japanese serviced apartment conglomerate Daiwa House Group.

The entity has recently acquired the Australia and New Zealand Waldorf serviced apartment business with further plans to expand in the region.

The property has been listed through Colliers International Hotels and CBRE Hotels.

“Auckland is one of the best performing hotel markets in the Asia Pacific region,” CBRE Hotel’s Wayne Bunz said.

“Investors will therefore be assured of strong returns moving forward, which is further underpinned by one of the largest international serviced apartment operators in the world.”

The hotel divestment would represent the first major hotel sale in the Auckland CBD since the Hilton Auckland sold in 2012.

HotelRetailInternationalAustraliaReal EstateDeal
TOP STORIES
Mirvac Liv Anura BBQ amenity
Exclusive

Mirvac Monopoly: BtR Pioneer Plots East Coast Domination

Leon Della Bosca
9 Min
The Urban Developer Industrial and Logistics Summit 2025
Exclusive

Keeping the Lights On: Growing Pains Jeopardise Industrial Boom

Vanessa Croll
8 Min
Exclusive

What’s Driving Pro-invest Push into ‘Underserved’ Micro-Apartments

Taryn Paris
6 Min
Sud-slingers are back in action in 2025, with the Sydney market recovering after years of disruption.
Exclusive

Sydney Pub Market Rebounds After Post-Covid Lows

Patrick Lau
5 Min
Gelephu Mindfulness City: Bhutan how a city of the future is planned
Exclusive

Bhutan’s Mindfulness Masterplan Resetting How Cities Work

Renee McKeown
8 Min
View All >
Article originally posted at: https://www.theurbandeveloper.com/articles/aussie-rich-lister-picks-up-95m-auckland-mall