The Glasson family, founders of one of New Zealand’s biggest fashion retailers, have paid $308 million for a stake in a major North Auckland shopping centre. <\/p>\n
A 49% minority stake in Westfield Albany was sold by Singapore’s sovereign wealth fund GIC to the Glassons for a total of $308.36 million. <\/p>\n
According to the agency that brokered the deal, it was the largest single asset retail transaction in New Zealand history. <\/p>\n
The ASX-listed Scentre Group will retain its 51% share of the centre. <\/p>\n
Around 15km north of Auckland’s CBD, Westfield Albany has 140 speciality stores, covering 53,335 square metres of gross lettable area.<\/p>\n
According to Scentre, retail spend in the mall’s total trade area was estimated at $9 billion in 2025, while retail spend in the main trade area was estimated at $4.7 billion. <\/p>\n
Colliers managing director based in Auckland, Richard Kirke, said: “This landmark deal represents New Zealand\u2019s most significant single asset retail transaction on record. <\/p>\n
“Anchored by Farmers, Kmart, New World as well as Event Cinemas and supported by 10 mini-majors and over 100 speciality stores, the centre boasts outstanding performance, reporting a total [moving annual turnover] of $460.8 million and attracting approximately 8.4 million customer visits annually in April 2026.<\/p>\n
“The asset is strategically located in a high-growth area which has been identified for significant intensification over the next 30 years.” <\/p>\n
Kirke and Lachlan MacGillivray brokered the deal. <\/p>\n
The Glasson family is best known for founding womenswear retailer Glassons in 1918. Glassons merged with menswear retailer Hallensteins in 1985 and now trades as the NZX-listed Hallenstein Glasson Holdings.<\/p>\n
Other major shopping centres across the city have also been on the market recently. <\/p>\n
Last week, an Australian syndicate bought Glenfield Mall for $146 million<\/a>. <\/p>\n