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Lend Lease fund acquires Dress-Smart outlets in New Zealand
24
Oct '11
Dress-smart outlets at Auckland, Christchurch and Wellington in New Zealand have been acquired by a group of investors led by Lend Lease.

The acquisition is part of a NZD 197 million deal signed by Lend Lease Real Estate Partners New Zealand Fund to acquire four shopping centres from Australian property group.

The new Fund is a wholesale investment vehicle for institutional investors. Lend Lease has the highest 5.3 percent share in total equity commitments of NZD 115 million in the Fund.

The deal involves acquisition of Dunedin's Meridian Mall from Lend Lease, in addition to the three Dress-smart outlets. It will allow investors in the Fund to gain exposure to retail assets portfolio in New Zealand.

Dress-smart outlets are factory shopping malls offering a choice of popular branded merchandise. Considered to be among New Zealand's largest shopping destinations, these outlets have over 100 stores offering up to 70 percent off on normal retail prices.

Dress-smart shopping outlets house stores of fashion luxury brands such as Oroton and Mi Piaci, as well as well-known sports brands such as Adidas, Nike and Puma.

Fibre2fashion News Desk - India

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