Biggest commercial property deals of 2025: $1.8b of sales from data centres to malls

Many of the buyers were from overseas: Australia, Canada, Singapore and Malaysia.

The largest deal was a $467.2 million transaction in August, nearly double the next biggest deal.

Here in graphic form is a list of all the 11 deals.

Spark Data Centre business portfolio: Spark sold 75% to Australia’s Pacific Equity Partners for $467.2m on August 12.

The telco got cash, with a further $98m - for a total $584m - in FY2027 if performance targets are hit.

The proceeds will go to paying debt, the company said in an NZX filing.

Spark had net debt of $2.74b as of December 31, 2024.

Goodman sold Auckland property for $252.7m on May 29.

It sold 28% of its $2.1b Highbrook Business Park.

Goodman Property Trust CEO James Spence said it had created a new limited partnership fund to own the East Tāmaki property, of which it would retain 72%.

ASX-listed Goodman Group, headed by Greg Goodman and Australian-headquartered funds manager Mercer, would hold the rest.

The trust’s investor presentation referred to the deal enabling it to repay debt.

“The establishment of a funds management platform unlocks the ability for Goodman Property Trust to recycle capital into higher-return opportunities, while earning management fees,” its presentation said.

Precinct Properties sold the InterContinental Auckland for $180m in a deal which shocked some and delighted others for its high price.

That is the hotel within its 1 Queen St property which has retail and offices in what used to be the headquarters of Air New Zealand on the waterfront.

The buyer was Singapore Exchange-listed Hotel Properties, an established owner, operator and developer of hotels, resorts and shopping centres in 17 countries.

The business has interests in 41 hotels under various brands including InterContinental Hotels Group.

Tainui Group Holdings did a $164m deal at its Ruakura Superhub in April.

Tainui Group Holdings (TGH) and global alternative asset manager Brookfield Asset Management announced a long-term, joint venture that will, over seven years, invest $1b into the Superhub.

The joint venture will initially purchase four existing industrial buildings on long-term ground leases, with those buildings currently tenanted by Kmart, Big Chill, Refrigafreighters and PBT Express.

Additionally, the joint venture will develop a further 70ha of the hub.

Property Income Fund, established by Wellington-headquartered Willis Bond, bought the Manukau Supa Centa for $161m from a Canadian-owned business.

Wayne Silver, a Property Income Fund director, announced the plan to purchase the property.

Supa Centa was New Zealand’s second biggest large-format retail centre and the most significant asset of its kind to be offered for sale since 2007, a statement said.

Australia’s Ninety Four Feet sold part of its Albert St building to Malaysia’s YTL Corporation Board for $160m.

Prime Minister Christopher Luxon welcomed the Malaysian purchasers of Hotel Indigo at 53 St Patrick’s Square.

“We see many opportunities for YTL’s expertise and I look forward to them investing further in New Zealand,” he said in late October.

Kiwi Property Group sold this Palmerston North shopping centre to Mark Gunton’s New Zealand Retail Property Group which owns Westgate where Costco Wholesale trades from.

The $118.9m deal was done on November 27.

Settlement was due before the end of 2025.

Kiwi’s NZX announcement said the price was 0.9% below the held-for-sale value in its FY26 interim results.

The company sold that and Sylvia Park Lifestyle, which went to the Mackersy LFR Fund.

After those two deals settle, Kiwi’s gearing will be 35.2%.

Stride Property sold Auckland’s 39-shop Silverdale Centre to an associate, Investore Property for $114m on September 8.

Investore said it struck a conditional agreement to buy the large-format complex in one of the city’s fastest-growing suburbs.

The centre is anchored by Woolworths and The Warehouse with Noel Leeming, Chemist Warehouse, Supercheap Auto and many other stores.

Bei Group sold Auckland properties to Australia’s Quattro Group for $104.6m on July 10.

The interconnected properties are at 22, 24 and 26 Durham St West and 19 Victoria St in the CBD.

Collier’s Richard Kirke brokered the sales with Shoneet Chand of the agency’s North Shore office.

The site is large, at 1.19ha, he said.

The deal is significant because Quattro would make a significant investment to gentrify the mid-town buildings, which are opposite the new Te Waihorotiu Station, Kirke said.

“You’re starting to see the benefit of the City Rail Link investment in Auckland.”

“That is going to reinvigorate the city. That part of town has not had a lot of investment in the last decade so this is an extremely important sale for the city,” Kirke said.

Luke Condon, Quattro Alberts’ vice president, said the business would create a $230m asset by upgrading all the buildings.

The Sylvia Park Lifestyle Centre sold for $90m on November 10.

That centre is across Mt Wellington Highway from Kiwi’s Sylvia Park mall.

Kiwi sold the centre to Mackersy Property.

Mackersy LFR Fund would be established as a large-format retail investment fund, managed by Queenstown-based commercial property investor Mackersy Property.

Kiwi CEO Clive Mackenzie said at the time it would continue to manage Sylvia Park Lifestyle and the sale would provide capital for new developments and strengthen its balance sheet.

Goodman sold 169 Bush Rd, Albany to a private investor.

That $89m deal was on May 11.

The property is leased to NZ Post for 20 years and one agent said it attracted attention from overseas investors.

But, in the end, the property had sold to a local.

Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.