Woolworths sells $100m New Zealand shopping centre portfolio to Fawkner Property

Woolworths sells $100m New Zealand shopping centre portfolio to Fawkner Property
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Woolworths sells $100m New Zealand shopping centre portfolio to Fawkner Property
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Buying & Selling
Ben Wilmot
First published
24 April 2026, 1:00am
Fawkner Property has bought a portfolio including Woolworths Richmond
Woolworths has sold a $100m portfolio of New Zealand shopping centres to Melbourne-based Fawkner Property, taking the supermarket giant’s property divestments to nearly $600m this year.
The move comes shortly after Woolworths completed a similar deal for its Australian assets, with a $500m portfolio sold to a Taiwanese investor Forest Endeavour .
Woolworths develops its assets and then sells them and puts the capital back into its higher-returning core supermarket business rather than holding passive real estate.
Fawkner has been at the forefront of the Australian shopping centre scene , acquiring assets from major institutions and then boosting their performance.
With Australian centres now being chased by a wider variety of buyers, Fawkner has switched its attention to NZ, where it has a growing conviction in the ­market.
While the acquisition marks Fawkner Property’s first direct entry into NZ, it already has close ties with supermarket giant Woolworths.
Fawkner was ahead of the pack in buying from institutions including Lendlease and the sale and leaseback deal in NZ points to more transactions in that country.
The Australian portfolio traded at a yield of around 5 per cent while the NZ assets went for around the 7 per cent mark. NZ also has a much lower interest rate environment and no stamp duty.
The NZ portfolio comprises five supermarket assets in key regional markets including Gisborne, Balclutha, Wainuiomata, Whangarei and Richmond, each underpinned by long-term lease structures to Woolworths.
Fawkner Property executive director Patch Garnaut said the deal was a compelling opportunity to deploy capital into high-quality, income-producing assets in a market offering structural advantages.
“We are pleased to have expanded our relationship with Woolworths Group across the Tasman into New Zealand. This portfolio represents exactly the type of defensive, income-backed real estate we seek to acquire,” Mr Garnaut said.
“New Zealand presents a highly attractive investment environment – with strong yields, comparatively lower funding costs and the absence of transaction taxes such as stamp duty – all of which enhance long-term risk-adjusted returns for our investors,“ he added.
Mr Garnaut said Fawkner’s acquisition strategy, focused on securing high-quality assets at attractive entry points, was central to the firm’s out­performance.
Fawkner Property holds a mix of convenience-based retail assets and larger regional assets, with its offshore expansion ­focused on markets and assets with similar defensive characteristics.
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TOPICS
large format retail
Supermarket
Woolworths
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