Centuria secures OIO consent for $119m dual-mall deal to seed retail fund

8th April 2026 By Paul Yandall | paul@propertyticker.co.nz | @propertyticker

Centuria Funds Management (NZ) Limited has been given the green light for the $118.8m acquisition of two retail assets.

The Overseas Investment Office has approved the Australian-backed manager’s purchase of Southgate Shopping Centre in Auckland, and Hornby Mega Centre in Christchurch.

The assets will seed the Centuria NZ Large Format Retail No.1 fund, which will launch with a combined valuation of approximately $119.15m, comprising a fully occupied portfolio of 42 tenants across the two properties, with a weighted average lease term of 3.77 years.

Southgate Shopping Centre, which includes approximately 4.51 hectares of land at the corner of Great South Road and Walters Road, Takanini, has been bought from New Zealand-owned Takanini Nominees Limited, acting as bare trustee for the Takanini Nominees joint venture. The property has 31 tenants, anchored by Mitre 10 MEGA and Briscoes.

Hornby Mall, which sits on about 1.98 hectares at 6 and 14 Chappie Place, Hornby, has been sold by Kiwi owners R&H Investments Limited. The mall has 11 established tenants, anchored by major furniture retailer Harvey Norman.

Centuria is forecasting pre-tax cash distributions of 6.75% per annum for the 2027 and 2028 financial years, with monthly payments to investors. The fund has a five-year investment term and a $25,000 minimum investment threshold.

On the fund’s website, Centuria cited the “strong performing property sector” for the investment.

“Population growth and renewed investor confidence, supported by lower interest rates, are underpinning demand for well-located large format retail assets,” said the company.

The OIO said in a summary of its decision, which was made in February but released publicly this month, that Centuria Funds Management (NZ) Ltd is ultimately owned by Centuria Capital Limited, an ASX‑listed Australasian commercial property investment manager.

“Consent was granted as the applicant met the investor test criterion,” the OIO said.

Centuria NZ, formerly known as Augusta Funds Management, said it manages approximately $2.4bn of assets.