As part of its ongoing strategy to focus on the development of mixed-use town centres, Kiwi Property has secured a conditional agreement to sell Northlands Shopping Centre and 43 Langdons Road (Northlands) in Christchurch to MP Holdings 5 Limited, an entity managed by Mackersy Property (Mackersy), for $160 million. The final sale price represents a property level internal rate of return of 10.9% since inception. The purchaser will retain $9 million to complete seismic works (noting that Kiwi Property has approximately $32 million of Northlands seismic insurance proceeds that remain unspent at the asset).

The transaction is subject to two conditions: the landlord's consent to the transfer of a ground lease over part of the carpark and approval by the Kiwi Property Board. The sale is expected to settle on or before 30 November 2022. Kiwi Property will continue to manage Northlands on Mackersy's behalf and has also agreed to provide vendor finance of up to $75 million to settle the purchase, if required.