One of the country’s biggest property owners, Kiwi Property, has put The Plaza Shopping Centre in Palmerston North up for sale
One of the country’s biggest property owners, Kiwi Property, has placed Palmerston North’s The Plaza Shopping Centre up for sale.
The news of the intention to sell The Plaza follows Kiwi Property marking down the value of its more than $3 billion property portfolio by $290 million in April with its regional shopping centres hardest hit by the Covid-19 restrictions.
The Plaza was valued at $170m on Kiwi Property’s books on March 31, 2020, $37m down on the year before. In 2018 Kiwi Property sold another big shopping centre, Porirua’s North City mall for $100m.
CBRE New Zealand has been appointed marketing agents for the sale of the Manawatu’s largest shopping centre, located at 84 The Square, Palmerston North.
*Covid-19 disruption slashes the value of Kiwi