Through its subsidiary GYP Properties, Singapore’s Global Yellow Pages (GYP) is paying NZ$45.6 million (US$31.5 million) to buy the Hunters Plaza Shopping Centre in Auckland.

The conditional purchase agreement for the freehold property – with 16,290 sqm of gross leasable retail space – includes 2.88ha of land around the mall. The seller is Talavera Retail (Papatoetoe).

The transaction involves a down payment of NZ$6.9 million within 30 working days of the agreement. The remaining $38.7 million is to be paid following the completion of the deal, under which GYP Properties has the right to nominate another purchaser before the transaction closes.

GYP, based in Singapore, acquired shares in Pakuranga Plaza in 2014 for $96 million.

Real-estate service company CBRE New Zealand’s senior director of research Zoltan Moricz​ says there were 136 commercial property transactions worth a total $2.831 billion in the second half of last year.

“Auckland led the growth path with 99 sales totalling $1.72 billion, but Wellington has also extended its previous result with 17 transactions totalling $682 million. Christchurch had 14 sales, totalling $212 million.”