Wellington investment firm Willis Bond is expanding its footprint into large-format retail, confirming a $161 million deal to acquire Manukau Supa Centa. The acquisition, which is due to settle on 30 June, signals the firm’s growing interest in resilient, top-tier retail real estate.
Major Transaction Finalised with Canadian Vendor
The purchase has been made by the Property Income Fund, which was established by Willis Bond to invest in high-performing property assets across New Zealand.
The seller is PSPIB/CPPIB Waiheke Inc., a Canadian-owned company affiliated with Canada’s Public Sector Pension Investment Board (PSPIB) and the Canadian Pension Plan Investment Board (CPPIB).
The sale was brokered by real estate advisory firm JLL, and is being completed under an unconditional sale and purchase agreement. “Wayne Silver, a Property Income Fund director, announced the plan to purchase the property,” confirming the fund’s intention to expand its retail portfolio through premium acquisitions.
Landmark Retail Property Offered for Sale
The Supa Centa, situated on a 9.8-hectare site at Lambie Drive and Cavendish Drive in Manukau, comprises 39,000 square metres of retail space and accommodates 44 tenants.
The centre is fully leased and has been characterised as “New Zealand’s second biggest large-format retail centre.” The vendor described it as “the most significant asset of its kind to be offered for sale since 2007.”
Retail Tenant Mix Supports Income Reliability
The tenant mix at Manukau Supa Centa includes a range of national and international retailers, reflecting the centre’s appeal as a stable and diverse retail hub. Anchor tenants include household names such as 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,” underlining the location’s importance and consistent customer traffic.
Vendor Records Lower Profit Following Asset Revaluation
The sale comes as the Canadian vendor’s local financial performance shows signs of stress. PSPIB/CPPIB Waiheke Inc. reported a significant drop in profit in the year to 30 December 2024, falling from $19.4 million the previous year to just $905,000.
That downturn was attributed to shifting market valuations: “2023’s accounts were boosted by a $27.2m gain on the value of investment properties. In 2024, the business had its valuations written down in a $15.4m unrealised loss.” Rental income rose modestly from $72 million to $74 million, indicating strong tenant performance.
In addition to the Manukau Supa Centa, the seller also owns several other properties across New Zealand, including 45–53 Queen Street in Auckland and multiple sites in Wellington.
Willis Bond’s Property Income Fund has added Manukau Supa Centa to its portfolio, pursuing its goal of securing high-profile, income-producing urban properties.
First reported by Property Insider, the sale is considered one of New Zealand’s most significant recent retail deals.