Property Income Fund acquires Manukau Supa Centa

Willis Bond-managed Property Income Fund (PI) has signed an agreement to acquire Manukau Supa Centa – New Zealand’s second largest large-format retail centre and the most significant asset of its kind to be offered for sale since 2007 – for $161 million.

Occupying a 9.8-hectare site on the corner of Lambie and Cavendish Drives in Auckland, the 39,000 square metre centre is one of the city’s most dominant retail destinations. It is 100% leased and home to 44 tenants, including a high-quality mix of national and international retailers.

Anchor tenants include Kmart, Briscoes, Baby Bunting, Noel Leeming and Rebel Sport. The centre’s Kmart is among the top-performing stores across the brand’s Australasian network and operates 24 hours a day.

Established in 2020 by leading New Zealand property developer and investment manager Willis Bond, PI invests in high-quality, long-term income-generating assets nationwide. The acquisition of Manukau Supa Centa lifts PI’s total portfolio to $335 million in assets under management.

PI Director Wayne Silver said, “We are delighted to acquire Manukau Supa Centa for Property Income Fund. Large-format retail in Auckland is showing strong rental growth relative to other property sectors, and this centre is a standout performer within the category. We look forward to working closely with tenants and the property manager to enhance the centre’s continued success.”

PI has entered into an unconditional sale and purchase agreement, with settlement scheduled for 30 June.