Westfield's recently relaunched Australasian shopping centre landlord Scentre Group is continuing to hose down rumours it is planning an exit from the New Zealand market.
Market sources last night said the company was believed to be in talks with investment banks about options for its $2.6 billion portfolio across the Tasman.
One source said the $18bn company had hired investment bank UBS as its adviser for the portfolio.
However, both UBS and Scentre denied that this was the case and also said the company was not planning to float the business on the New Zealand Stock Exchange.
Should Scentre choose to sell the assets, buyers would secure nine shopping centres in Auckland, Wellington and Christchurch.
A selldown of stakes in the centres or a spin-off into an unlisted fund could also be considered at some stage, sources said.
Formed this year as part of a radical overhaul of Westfield’s global empire, Scentre Group controls 47 shopping centres worth $39bn in Australia and New Zealand.
Its own interests in the real estate is worth $29.2bn.
The properties were previously jointly owned by Westfield Group and its listed satellite Westfield Retail Trust.
But as part of the restructure, the parent group sold its interest in the properties to WRT as part of the restructure of Westfield’s $70bn worth of shopping centres that it owns globally.
The newly merged entity was renamed Scentre Group.
Westfield has been rumoured for several years to be planning an exit from the New Zealand market, a move that was denied by chief executive Steven Lowy.
However, the company has been gradually selling down the assets it owns there.
In 2012, it sold two Auckland malls, including Shore City mall in the city’s North Shore for $65.4 million.