The family behind storied clothing retailer Glassons has acquired a 49 per cent stake in Westfield Albany from Singapore’s sovereign wealth fund GIC for $249 million.
A representative from Colliers, which brokered the deal, has called it the single largest retail deal in New Zealand history.
The deal will see the Glasson family take minority ownership of one of Scentre Group’s flagship locations.
Located 15km northwest of Auckland’s CBD, the 53,335sqm location hosted more than 8.4 million visitors last year, generating $456 million in sales.
The NZ Herald reported that the Glasson family bought the GIC stake; Tim Glasson maintains a 17.95 per cent stake in Hallenstein Glassons.
Their involvement in Westfield Albany will not see them take over operations from Scentre Group. But its 140-strong portfolio of retailers sits in a “high growth” area, according to Colliers.
Scentre Group says the site sits in an area with a total trade value of $9 billion, and retail spend in the area reached $4.7 billion last year.
This sale comes shortly after another high-profile deal in Auckland, which saw Glenfield Mall sold to a syndicate of Australian investors for $146 million.
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