The Glasson family, founders of one of New Zealand's biggest fashion retailers, have paid $308 million for a stake in a major North Auckland shopping centre.
A 49% minority stake in Westfield Albany was sold by Singapore's sovereign wealth fund GIC to the Glassons for a total of $308.36 million.
According to the agency that brokered the deal, it was the largest single asset retail transaction in New Zealand history.
The ASX-listed Scentre Group will retain its 51% share of the centre.
Around 15km north of Auckland's CBD, Westfield Albany has 140 speciality stores, covering 53,335 square metres of gross lettable area.
According to Scentre, retail spend in the mall's total trade area was estimated at $9 billion in 2025, while retail spend in the main trade area was estimated at $4.7 billion.
Colliers managing director based in Auckland, Richard Kirke, said: "This landmark deal represents New Zealand’s most significant single asset retail transaction on record.
"Anchored by Farmers, Kmart, New World as well as Event Cinemas and supported by 10 mini-majors and over 100 speciality stores, the centre boasts outstanding performance, reporting a total [moving annual turnover] of $460.8 million and attracting approximately 8.4 million customer visits annually in April 2026.
"The asset is strategically located in a high-growth area which has been identified for significant intensification over the next 30 years."
Kirke and Lachlan MacGillivray brokered the deal.
The Glasson family is best known for founding womenswear retailer Glassons in 1918. Glassons merged with menswear retailer Hallensteins in 1985 and now trades as the NZX-listed Hallenstein Glasson Holdings.
Other major shopping centres across the city have also been on the market recently.
Last week, an Australian syndicate bought Glenfield Mall for $146 million.
In the city's South-East, the 60,825 sqm Botany Town Centre is also up for sale. Colliers is also involved with that sale, jointly appointed alongside JLL. Kirke previously told 1News Botany could be the largest single-asset retail transaction seen in the New Zealand market – expecting it to fetch $450 million.
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